Refinance or ✋ wait?

[Sandy Eugene]

Am I being scared to start investing in realestate or should I keep the course and get my ducks in order?

Here's why I haven't started and what I want to do before I start to invest.

My husband and I have no money saved except for around $4500 invested in individual stocks and index funds. I'd like to save up 3 months of expenses in my regular savings before I invest. To help quicken the process, I was thinking of renting my full basement rather than the 1 out of 2 rooms we are currently renting and having someone else take over my lease for my car. I have an old car I'll drive instead.

We want to refinance now to do a cash out refinance and take advantage of the low interest but my credit score is around 669. The only way I think I could raise it is to keep paying my card every time I use it so I don't have a balance and wait until I pay off my no interest credit cards for a fridge and some furniture in the next few months.

And finally I think I need to have an excess in cash flow to show the bank I could cover two mortgages (please tell me if I'm wrong) so once I get rid of the car lease, my other no interest credit card bills, and my husband is done paying for nursing school out of pocket, and is making more money in less than a year, we will not spend more and save all that money which will be around $4500 more a month. Now we only have around $1500 extra a month.

Sometimes I hear people say the unsuccessful make excuses because they are scared to start and I wonder if I really need to do all these things and if Im just being scared and should just do a cash out refinance and start looking for a deal.