Just Starting Out In REI..New Some Sound Advice On How To Get Going.
Hello All:
I'd appreciate any and all input from anyone who can speak to me in laymans terms about getting started in REI.
I would like to purchase a single family dwelling to rehab, and sell for profit. I'm a single women (35) with one income, and I currenlty own my own home. I work fulltime and make an ok salary (Upper 40's). I'm in the process of refinancing to pull cash out (Approx. 20k). I reside in an area where average property values are going thru the roof (median price 250k and up) and I'd like to try and take advantage of the current market.
I guess, I'd like to know what type of options may be available to me in terms of financing a new property while having an existing mortgage? What type, if any gov't programs are out there that may help me accomplish this first goal.
Is this even a realistic goal? 
Government help is available but being in DC you know its a slow process. The best available help would be to start a minority business (Section 8A woman owned) and see what grants/loans are available to you.
As far as real estate lending, make sure all three of your credit scores at the best they can be, then search for financing. You will get even more help in the beginners/bird dogs forum as well.
Good Luck,
Kyle