New to the investing in real estate desperately need advice

[Tatiana Turner]

Good Morning all, 

Me and my husband decided to buy a second house as an investment property. I have been looking at the houses in our area for about 6 months now, got approved for up to 500K loan. However, is does not go any further than that. I really need an advise from an experienced investors what should our next steps be. The hardest part is that we do not have any cash to put down. My question is should i wait and save enough cash for a 20% down? Can we use our 401K instead, and if so how does it work? Should i refinance our first house and take the equity for a down payment? Also, would like to mention that we both have full time jobs, I would really like to hear from someone who was in the same position and how did you start? Thank you all in advance.

[Jay Hinrichs]

if you qualify for a 500k loan means your making good money.. if you have no cash means you need to prioritize your spending and make real estate investing your priority.

the guru in this is @Steve Vaughan  He really has this nailed..