So we have been "Dave Ramseying" for the past few months.... working on debt reduction.

I've been learning, and reading, and listening to podcasts about REI for a solid month.

I just got the word from my primary bank that we can move forward on a refinance on our primary residence and will be dropping to 3.6% on interest and reducing our 21 remaining years to 15 years. Our payment is going up a whopping $14 per month, plus we get to skip a payment in August. Woo Hoo! We are getting somewhere!

Our banker also said we qualify for a mortgage for an investment property up to about $50,000, or more if we want to go through the hassle of including my self employment money. However, DH and I decided to wait on our purchase until next spring. He's a prof and gets summers off, so if we can close on a SFH in late spring, we will have the summer to get it renovated and rented out. In the mean time we can pay down more debt and save more for the down payment and reno costs.

I'm thrilled that we have some hard numbers and an idea of what we should be looking at! It gives us a goal to work towards.

I know there are all kinds of creative ways to jump in the game now, but with our first investment, I feel a little risk averse. Plus the timing is just better if we buy in the spring.

So wish us luck!

@Edith TenBroek  congrats on shrinking the debt.  It's easy to fall prey to the fear and greed in the real estate market or financial markets in general. Taking it slow and staying unemotional in real estate is one of the best ways to keep yourself in the game for the long term. I look forward to hearing about your first RE purchase next year.

Cheers,

Jordan