If it came down to deciding between the two options, this would require an in depth analysis between the specific deals. This question could not be answered with a generality.
CDPE (Certified Distressed Property Expert),
SFR (Short-Sale Specialist Certified)
Residential Real Estate Investment Consultant
Lic. Realtor Associate
EXIT On The Hudson Realty
(888) 462-6573 / (888) HOB-NJRE
FAX (888) 462-6573
Twitter & Facebook: HobNJRE
Then, as you are doing that start to look at properties. Find a good realtor that knows the market in your area, One that knows prices, what properties are renting for, can get them rented and what they can sell for in 3 -4 years.
You will need at least 25% down for your second property.. but, if you ask me.. The Jersey city market is tough.. It is overdeveloped and there are many rentals available in great buildings for a lot cheaper then you can probably do.. Unless you can find a good single family home to rent out.. Or look in another area.
For your Refi call someone outside.. Al is a good person, reliable and has great rates.
Call him about your refi, then call me about your investment.
Mortgage Loan Officer
PNC Mortgage, A Division of PNC Bank
349 New Brunswick Avenue, 2nd Fl (mail stop: J1-J610-02-1)
Fords, NJ 08863