Looking for Guidance

[Lisa Annitti]

Hi All,

Im new here. Ive been posting anywhere I can and Im not receiving any guidance. Im 50 years old from passaic county nj (not newark). I work FT for a school district and also a seasonal PT job. I cant get my pension til Im 65. My goal is REI within the next 3-5 years. My issue is liquid capital. I have equity in my condo I own. Should I be pounding money into savings or paying down my principle on my mortgage? What is a good first step for me to take? Ive been reading and listening to podcasts but still feel lost. Thanks in advance.

[Abel Curiel]

Quote from @Lisa Annitti:

Hi All,

Im new here. Ive been posting anywhere I can and Im not receiving any guidance. Im 50 years old from passaic county nj (not newark). I work FT for a school district and also a seasonal PT job. I cant get my pension til Im 65. My goal is REI within the next 3-5 years. My issue is liquid capital. I have equity in my condo I own. Should I be pounding money into savings or paying down my principle on my mortgage? What is a good first step for me to take? Ive been reading and listening to podcasts but still feel lost. Thanks in advance.

 Hello Lisa,

Have you tried speaking with a lender?

An investor-friendly lender can advise on a HELOC or Refinance (if using your equity makes sense in your situation).
Based on how much you're saving and the financing requirements for your first investment, a lender can also advise on using savings vs. condo equity.

I think you came to the right place for advice! The BiggerPockets community is filled with people who can share valuable insights and past experiences.

I'd also recommend using the search function to find people and topics of interest here on BP.

All the best to you!

Abel