Getting a hard money loan to purchase rental

[Carlos Rodrigues]

Good morning BP! I have a few questions concerning hard money loans and a few other financial questions.

So I'm interested in purchasing a multi family in Elizabeth New Jersey (Union County) and after going to multiple loan officers/ mortgage brokers I'm only able to borrow $235-250k. My think is okay after I borrow that money (FHA) then I'm pretty much stuck for 2 years until I can borrow more money and I don't want that!! Is there anything that I could do to keep purchasing properties if I do go FHA? FYI this would be my first property.

Then I came across BP market place and I found amazing deals on there. I've reached out to a few people who've posted them, but yet to hear back. But either way they'll most likely want cash. And that's my one thing, I don't have $100k cash. So would it make sense to get a hard money loan and pay 12% in interest on a $100k loan with the ARV of $250k with $50-75k in repairs? How would I then refi to a lower interest rate? Or would I have to pay it all off within the terms? Also would a hard money loan loan me repair costs? Maybe I need to learn a little more about hard money loans.. Any guidance or references? Thank you!!

Sorry for any typos.