I don't think procuring a new mortgage would be beneficial unless you need to pay off the cards.

@Jarred MarrowIt's fantastic that you have some cash put up and are thinking about investing in real estate.

Think of all the other buyers, just like you, who are standing on the sidelines waiting for interest rates to come down. 

Shari,Good job thinking ahead and thinking this through. 

Cheyenne is growing rapidly and I think it would be good investment. 

There is one on Miramar Road that I cannot think of the name of. 

@Mark Graham IIYou could sell the property or refinanceWhere people make the mistake is think they can overpay because they are seller financing and have negative equity in the property - so when they are cash strapped or need to sell they cannot because they are underwater

A lot of people don't account for all of their expenses and think something will cash flow that actually doesn't.

(think guest house or apartment above the garage)Financing the Next Property: FHA loans require as little as 3.5% down.

And think about what will happen when interest rates eventually come down...When interest rates go down, mortgage applications go up like clockwork, which leads to more demand, which will likely lead to increased home price appreciation.