Should I finance my current home for investment capital?

[Chris Gonzales]

Hey everyone, I'm from Texas, and I've owned my house for a little over 5 years, which I bought at near market value from a family member using owner finance. Now I have a bit of equity in the home and I'm interested in what you guys think of possible refinancing the home in order to obtain cash to get started in my investments. Here are a few details: Property value: 91,000 (assessed, not appraised Current loan pay off: 60,000 Years remaining on note: 15 Current interest rate: 8.5% Current loan payments :$650/month Current credit score: ~650 (probably my biggest issue) There are a couple of options that I'm looking into. 1.) refinance the home for $15,000 above payoff and use the cash as investment capital in a deal (probably my least favorite option) 2.) refinance the home for the current payoff at a lower interest rate (same 15 years) so that I could save the difference in the mortgage and invest that. (probably my most favorite option, if my credit score doesn't make it impossible) 3.) possible getting a home equity line of credit, if you can do that on an owner finance property. Other things to note are that I'm a college student making around $22k a year, so not a lot of income and I have yet to make my first deal and I'm completely new to the idea of real estate investing, and just curious on what you guys think would be a good idea for someone in my situation. I understand that any response I get is just opinions and you hold no legal responsibility for my actions taken because of them. Any questions just ask, Thanks!