Do I have equity? Can I pull it for an investment?

[Erik Smalls]

I just got my first mortgage commitment for a small single family in Bellville NJ, I’m scheduled for closing next week. 900 Square feet, half duplex, very good condition for 188. It’s a property that I plan on living in. I see the comps in the area are roughly 230. I’m wondering if there is equity and if so will I be able to use it for an investment purchase? How long will I have to wait? How does this purchase affect my credit and buying power?