Refinancing primary residence
Hey everyone. I'm eagerly trying to plan paths to getting into real estate investing, and I'm thinking that refinancing my current home to decrease the monthly mortgage (and increase cash flow) and then renting it out is the best approach. I would then find another house, use a conventional or FHA loan and move into that as my primary residence.
I currently have a 30-year note with a 4.25% rate and roughly 60k in equity.
Can anyone tell me if my approach makes sense? If I'm missing any fundamental aspect (I'm sure I am)? What I should know before I initiate conversations with a lender?
Looking for any and all tips/advice. Thanks!