Advice on the BRRRR strategy in Baltimore, MD

[Daniel Picazo]

Hello fellow BiggerPockets investors! 

I was wondering if any of you all had investing advice or a relevant article for a new investor trying to get down payment funding for his next and first deal, or just advice for a young investor in my situation trying to make it in general!

Financial info about me:

I have my own home directly next to a hospital where I work in Baltimore, MD (I work as a Nurse).  I am house hacking with bedrooms in the house and currently making double my mortgage in rental income, so this has boosted my confidence and motivation to keep going!  This also allows me to save anywhere from $1000-$2000 (more often $2k) each month to put towards my next investment property.  

I generally make about $3000 after tax each month from my job and bring in $2300 each month from the 3 rooms I rent in my house which is appraised at $200k. I did a 3.5% down FHA loan to get my start about 3 months ago.(this makes HELOC's essentially unavailable to me=/)

My situation and where I am seeking advice:

currently seeking lines of credit from multiple banks.  I qualified for a 1 to 1 match on an any savings I have in the bank right now from bb&t bank so once I send my bank statement, according to the underwriter from the bank, they will give me an unsecured line of credit for about $5-$6k (my current savings).  It seems like this is the most I will qualify for at my current income to debt ratio according to the bank.  

Should I get lines of credit for this amount from multiple banks in the area?  Is this wise and even possible?  Are there other ways I am missingn or should be taking advantage of?  I'm trying to think of any way I can to try and get money quickly for a down payment for my next investment property.

Financing for the next BRRRR

I also have a question about whether most banks have a time frame for when you are allowed to refinance on a conventional loan or if there are any penalties for refinancing after 3 to 4 months.  Is this what hard money lending is for?  Because I was thinking I could just get a conventional mortgage for the next property, fix it up for 2 months using the lines of credit or savings that I acquire, then refinance it when it values higher after the rehab.  I was hoping to hear feedback for whether this was a flawed strategy and maybe educate me on areas where I was ignorant.  I hope to acquire many more properties in the next couple of years and I'd love to start out on the right foot

Thank you so much in advance for any advice given!  I'm so excited to continue my journey and would love to connect with people in my area to share advice and opportunities. 

Dan