Need real estate investment advice?

I have recently come into a little money, and want to start investing into real estate. My delima is that my income, and debt leaves me in the low 60,000 range for a property. I found a property in a college town where I can make money off of the rental, and the house its self is 30,000 under its appraisal. Heres where I am. A. Do I buy it? and B. How do I buy my next property, and how soon can I finance it. C. Do I need to refinance this house to pull equity when purchasing my next? and if so how long do I need to wait to do that? All answers and advice would greatly be appreciated.

most lenders require 6 mo to
one year ownership before you can re-fi.

seek a mortgage broker [pay him
nothing in out of pocket costs]
even for appraisal or credit checks.

get a fixed rate mortgage and
then, require occupants to pay for
tenant's insurance.
and run credit etc.
and seek max deposits permitted in your state.

and have a lease that says 'arrests'
for drugs, disturbing the peace,
etc, are grounds for lease violation!

-----------
do not use all of the cash out
to buy more RE. use the cash out
to buy businesses--biz's provide
25+% ROI and RE gives way less.

---also, with Jan and FEB around the corner, study QUICKLY for investment,
delinquent tax lien certificate purchases
AND/ or county/state RE foreclosure
sales--different from mortgage co
foreclosures; these are from
non tax payers.

Well it's good to see you have done some homework here! College town means it may be vacant part of the year are you going to let more than one person use the property? is it zoned for that? Will the rental cover and 20% over for V&A expenses? When you get the loan, can you do 20% down? if so you will have $42K into it so yes a refi is possible for the next proeprty unless you sign a mortgage on this first one that has a pre-payment penalty for one or two years? Find one without. See why sometimes it's important to find a REALTOR? So that you have all of this advice and we haven't even talked about the condition of the property yet!

How do you know it's $30K under appraisal?

Who told you that? The sellers?

Keep in mind, that anyone can get an appraiser to justify anything...hire your own appraiser and you'll figure out right quick the house is probably not priced under market...or it would have alredy been sold.

That is a common scam that investors/sellers use when selling a property.

Thats great you've decided to get into investing, however, before you start buying properties, you need to actually learn about investing, or you will get throughly screwed, no matter how good a deal may look on paper. I'm a student advisor for a real estate investment education company, that has 70% of its new investors buying their first property within six months. E-mail me if you want some more information. Good Luck!!
-Morgan
knowledgepowerfreedom@gmail.com

If you buy it you should put down @ least 5-10% down. I think you have to wait a year before you can get a HELOC or loan (you don't need to refinance just don't have two mortgages on the property ie. 80/20 loan). Hopefully the property has gone up in value and you have some profit the rents and you could put down on another house or perhaps two. Consult your mortgage advisor to verify.