Crossing fingers =-) to get 6.3% with 85% equity loan to use for more investment properties

okay. i’m officially broke in my optionsxpress.com account. i don’t want to fund it again. i’m a fuck up and i accept my responsibility for not selling out monday or tuesday when I had a chance to take a hefty loss, but just a loss not a total whipe out loss. i’m glad it was only $2000 instead of everything since i needed money for my hawaii condo.

i’m using USAA military bank to refinance my primary residence rental in hampton, va and if everything runs smoothly and my realtor can convience the appraiser no one lives in it and i’m just here currently working i will be able to get it at the primary residence rate of 6.3% instead of the investment rental rate of 7.5% since my credit is still crappy at a hovering 650-680. i think its because my debt is increasing with my car ($14k left), student loan ($46k left) <— dumb idea but brilliant thinking at the time, and a few credit cards which only one has a $1000 balance i’m going to pay off within a year since its 0% for a year. the other two i just use sparingly for bills then pay them off monthly. my total credit card financing is at $8k if i used it all which i’m planning to do because i have no cash to pay to fix up my condo which needs it if i expect to have roommates who will pay a little more then the average roommate rent in hawaii since the place will be really nice and comfortable inside with nice furniture, kitchen, and appliances. this will be my first real ownership place i’ll actually get to live in that i’m buying for myself (even though i still basically need roommates to survive with the payment)…

i figure if i make it look really nice i’ll stay home more and spend less. i’ve lived so many places and was never happy with them and they weren’t comfortable so i made up the lower room rent for going out more where i was comfortable.

i actually found a oceanfront condo at the Makaha Surfside for $94k. i’m considering applying all the $35k to this property if they’d accept a lower price because i could rent it positive with condo fees +100-300 a month and the mortgage would be really low. OR i buy two properties in downtown newport news that are foreclosured but fixed up and earn about the same on two.
the difference is if i buy in hawaii the rental market is awesome and the property will increase more in price because its an island and its oceanfront even if its in a not so desired place further from the city. i’ll have to think out my options.

i’m still waiting for this india venture to come along. we’ve had my problems with our customers in communication and get the right files to proceed in building applications. IF and only if this thing starts moving well then i could use some of that money to purchase more property. i figure any money i receive from it will go into something else and paying off my bad debt (car and student loan).

i’m so excited about my new place but i’m a bit worried im going to put myself into some major credit card debt getting it just comfortable for myself and renting out the rooms.