Questions, questions, questions....

[Trevor Bingham]

BP Community,

I'm new to this whole real estate investing idea and have a lot of questions. I'm not even sure where to start, I have so much going through my head. So, I'm just going to start and see if anyone can answer. We bought our current (primary) home 2 years ago. As per Zillow (is zillow reliable for real estate estimates?) our home is currently valued $202,116 and I have a principal balance of $147,654, if I understand that correctly I have about $27,345 in equity (Right?). A property came up in our area recently for $92,000 and I wanted to make a move on it. But the bank was slow in processing my paperwork, partly because they needed to send form to the VA and check if I was able to use VA funding. (Not sure if that is applicable because we bought our current home with a VA loan and I don't think I can use VA resources to do a rental also.) How would I go about making a move on another potential property using my equity, HELOC, banks loans or any other leverage options? I feel I would be able to qualify for about $100,000 - $110,000 property, but I am unsure how to use my equity and HELOC (I'm not too sure on how a HELOC would work here with it being only $27 k +/-)

 Sorry for the lack of organization in my thoughts, but thanks for any help and advice that you might have.