All Forum Posts by: Abel B.

@Alex Olson

Thank you Alex! I read a blog post by one Morgage provider that said 15% down payment to those with over 740 credit score.

Hello, I am planning on getting my first rental property. My condo is worth $81K. I have $21K mortgage on it. It is my primary residence. I was planning on paying it off and save up a down payment, closing cost, 6 months reserves etc for investment property. Which probably will take me 1 and half years.

But instead of waiting to pay off the mortgage and save up down payment. I thought about cash out refinance to get my first rental property. I have no other debt except the $21K mortgage. I have over 800 credit score. I am hoping to get a 15% down payment at a good rate for conventional loan ($130K or less range). Would the strategy work for me as good approach? If it does work, what are the steps to take?

Please let me know your thoughts, thank you.

@Josiah Patrick Zebarth

Having a relationship with Jesus, knowing Him has been my reason to live. He made me and knows the purpose. When He transformed my life, I found a fulfilling life and purpose. God owns everything I have and I am His faithful steward. I strive to live in such a way that I invest every gift, grace and talent He intrusted me to manage. So that when I stand before Him, I have no regrets. I am in real estate investing, to be able to free myself from my 9 to 5 job and hopefully to answer God's call in my life as a full time minister or Pastoral Ministry. I don't want to depend on a church salary or employment to provide for my family.