How can I start out?

[Robert Hodgson]

Hey BP,

I'm looking for advice on how I would start out, I want to buy my first rental property soon.

We live in Aberdeen, NJ. We bought a HUD home for our primary residence in Oct 2016, we got it for $102k, it's 3 bed 1 bath 1020 sqft. Basially move in ready. Pretty good price for Central NJ and worth well more than we paid.

Is it an option to refinance my current home for the value it's worth to put down on a rental property. Can someone explain that a bit more and how it would work with 2 mortgages, because I still want to be in the green money wise, making more money than I am currently...

Also, any suggestions of areas in NJ to buy & hold, or surrounding states etc... PA, NY?

Man thanks,

Rob