New to home buying and REI

[Rennuel Mart Razal]

Hi everyone!

I'm new to the real estate investment and am learning a lot through reading books, podcasts, and some of my realtor friends. I currently live in Norther NJ and the market has been hot for the past few months. We've put in over 10 house bids and have had no luck. I work full time and want to do investments on the side.

There are two things I am looking to do: 1) find a new home for my family as a house-hack to reduce the monthly payment and 2) find an investment home for a buy/flip or buy/hold.

My biggest question is the exit strategy of refinancing in the buy/hold. If we buy a home, get lenders for renovations, how does the refinance work?

I'd appreciate some advice on how to approach either scenario as our budget is tight. I can fill in more of the financial details in private.

Feel free to ask questions. I really appreciate everyone's time!