Financing Options. Short and Long Term

[N/A N/A]

Ok Im new to investing and am trying to figure out the best strategy for financing. Here is my situation:

- I own my home now for 3+ years. Owe 102k on this home and it just recently appraised for 145k.

- My credit score is excellent, right around an 800.

- I have about 15k in cash savings.

I am looking in to purchasing a rental property as a non occupied owner. As far as short term goes. What is my best option for coming up with down payment. Should I refinance my current residence, get a HELOC? Personal loan? Is one option better then another and why?

Long Term: Eventually I would like to buy additional properties. In order to come up with down payments for those additional properties, can I just leverage the 20% I already put in to the first property through a refi or HELOC? If so, will this be difficult to do? Can I just continue this process for additional properties...assuming I don't make any bad deals and am not drowning in debt.

Like I said, I'm new to this and am trying to understand as much as I can so any and all opinions would be appreciated. I can handle being called a moron if this idea is just not feasible. :mrgreen:

Thanks!
Rich