Most of the banks have basically told me that since I've only had it for less than 7 months and that the market just isn't there for 2nds right now, that even though I have that type of equity available, they're reluctant to do the loan. I've approached hard money lenders with equally no luck, because they usually want to have you refinance the complete note, which I'm not opposed to but I just dropped a large chunk on the first mortgage and I can't afford to do that again right just this moment.

Current tax appraisals show the value at $78, 500. I purchased it for $45,000 with a HML at 11.99% and 4 points. I don't have a most recent appraisal but that can be arranged at a short notice.

I'm a bit intrigued by what Steve is proposing but obviously I have questions. At this point I'm open to being creative as long as it helps everyone benefit and in the long run, I can get a little closer to realizing a goal. I already got past Step 1 which most people never cross even though they say they're interested in real estate in that I actually bought one. Now I just need help with Step 2 and that's leveraging some of the equity so I can get a stronger foundation in real estate investing.