RI multifamily BRRR finance lending process

[Tina Rubin]

I have 1 SFR rental property in CA. My first out of state purchase was a SFR in Feb.2021 in East Providence. I made minor improvements (5k) to get it rented within 30 days of closing (East Providence) and it cash flows for about $700/mo.

I couldn't do the full BRRR at the time because I used all my funds for the 20% down and wasn't comfortable at the time to do hard money lending.

I'd like to invest in multi family's in RI but now wondering the best next steps. 

Initial thought is to complete the "rehab and refinance" part of the BRRRR on the property I already purchased so I can get money out for next investment.

OR

Can I just find another deal and get funding for the next deal just based on that deals calculations? I wasn't comfortable with hard money lending before because I don't know much about the process, just the basics. 

I plan to discuss both with my traditional lender but wondering if anyone can advise who've worked with hard money lenders and/or which route above has proven successful for you. 

Thank you!!

[Tina Rubin]

@Anthony Thompson - makes perfect sense! Thank you!