Proper way to get money back out of a BRRRR home

[Anthony J Ruma]

Hey BP family, I have a question?

I am under contract to purchase my first rental property. I pulled $50k out of my current home, as a heloc. I am then getting $300k from a hard money lender to purchase said off market rental, under market value. The question I have is after rehabbing. Due to the current market, I should not refinance at these high rates.. but then how will I pay off the hard money lender and my originals heloc if I don’t refinance? Am I missing something? Should I refinance anyway? I’m a little confused as to how this process works

In case there is confusion: I currently own a home with $700k in equity. I’m house hacking with roommates. I’m going to make the plunge finally on my first true, rental investment property. Due to the market/rates, I am only allowed to pull little out of my own home, which is where the $50k heloc will come from. From there, I have a hard money lender lined up to loan me $350k. I’ll use both loans to purchase, and rehab the rental. But afterwards, I’d like to pay those loans off so I do not have 3 open loans, if that makes sense.

Any help would be much appreciated, and after 2 years of listening to this podcast, hopefully with a little input from you guys, I can purchase this home in the next few weeks!

Thanks so much,

Anthony