Loan and job advice needed

[Deanthony Quarles]

Hi everyone. Let me start off by stating my current situation: my current position at my company is stressful so I’m looking to move to a less expensive city so I can switch careers to something I’m more passionate about. I own a condominium that I have about 35% equity approximately 100k.

I want to rent my place out which will cover the mortgage for sure maybe a small cash flow.

I'm considering a couple of cities to move, one is Las Vegas. In Vegas there are several places for around 285k. I would put 95-100k down to have a mortgage payment of 1k or less. The downpayment would come from a heloc and from savings. I have a decent amount of money in various accounts 401k, Brokerage acct, & IRA.

In which I can access to get the downpayment.

My credit currently is low 700s due to a couple credit cards being near the limit. I had a family member I had to help and I charged everything on my credit card. However, they’re paying me back within this week because their app settlement is final. So I will have no credit card near the limit. Which should be reflected on my credit report the following month.

Ideally I would like to get a heloc for 50k and use 50k of savings to buy new place. If I had a 1k mortgage payment and my current expenses I can pay that from savings / earnings from trading. Until I get a new job/ business. Will need to keep my current job to qualify for refinancing, heloc and to get loan? Which should I do first heloc or refinancing. Do I need to rent my condo before attempting to get new loan?

I see a lot of investor saying they use heloc to but properties. They never mention jobs. Is it just important to show how much money you have and not income. I couldn’t afford all cash but i would be able to show funds to show I can pay both places for a couple of years without going broke.