First Property and what now?

Question

I am currently a real estate agent living and working in Houston, Texas. I have been doing it for about 2 years. Also, about 2 years ago I purchased a condo in a building in Midtown. When the area was completely unpopular for $76,000. The mortgage is around $55,000 and if I sold today it would be worth around $125K to $130K. I was very fortunate. I do not want to sell but I want to use the equity to purchase my next property and rent that one out. My credit score is around 620 I believe so going the traditional route of cash out refi doesn't seem likely.

Anyone have any suggestions about a good route.

Dave Visaya · Answer

Hey @Craig Henry II welcome to BiggerPockets! It's great to have you!

Dmitriy Fomichenko · Answer

Welcome to BP community @Craig Henry II  It is a great place to meet new friends and learn about various aspects of real estate and more.

Wishing you the best!

Andres Jaramillo · Answer

Hi @Craig Henry II ,

Welcome to BP! Great place for all your questions.

Good luck,

Andres J.

Brandon Turner · Answer

Hey @Craig Henry II welcome to BiggerPockets! You've definitely come to the right place to learn more about investing. If you haven't yet, be sure to check out the The Ultimate Beginner's Guide to Real Estate Investing and The BiggerPockets Podcast. They are both great at learning the fundamentals.

Oh - and don't forget to set up your Keyword Alerts!

See you around the site!

Waylon Themer · Answer

There are some really reputable credit repair folks around Houston.  I have seen scores increase by over 100 points in a year in some cases.  You should really look into it prior to applying for financing.

Nilesh Makhija · Answer

I would think, what is your next goal and would focus on that. Cash our refi or HELOC depends on your next steps

Terry Hershberger · Answer

If I were you, I would work on increasing your credit score.

Phil C. · Answer

agree with Curt, take out a HELOC on your house assuming its paid off in full

James Wise · Answer

@Craig Henry II

welcome to the site.