Hard money strategy/creative financing idea

[Nicholas Weckstein]

Hey everyone, In a never ending quest to add more properties to my portfolio, i concocted an idea and Id like to throw it out their to possibly have some people poke holes in it so I can see things I may be missing. Here it goes: Hard money loan- Thinking of taking 60k getting a 300k hard money loan to purchase 4 multi family properties that may need some work. Do the rehab for the value add. So I crunched the rough numbers in my investment location and see it working like this 4 triplexes bought and fixed up for 300k at whatever rate. Not even sure what the terms would be on the hard money but that’s why I’m here lol. So estimated gross monthly rents would come out to $6900.00. Using that income shortly down the line to qualify for some type of commercial refinance on the lot of them to go into a bit longer term debt. I see it working this way, need to pay back the 240k borrowed from HML. Gross rents from the 4 properties should be enough to qualify for a commercial refinance or even just a line of credit. Use that money to pay back HML and then would be in better debt at a more favorable rate with 4 cash flowing assets. I have never really gone the hard money route nor have I really spoke to any to see what the process is like. But does this seem do-able?