Is getting rid of pmi first always a good priority? Recently my wife and I were able to buy a duplex in a HCOL, however since we only put a low % down, our pmi is kind of outrageous. We have a solid emergency fund, an awesome tenant, and can cover/live off our income and put the rent into savings. Our goal is to buy an investment property as soon as possible. Through some great timing we are getting 2 bonuses and had an investment turn out really well. We were thinking the smartest step is to use it all towards some sort of cash-in refi (to also get new appraisal) and get rid of pmi, lowering our monthly payments a lot. Then work from there Towards figuring out how to get an investment prop. Or, should we use that lump sum towards getting the 25% required for investment properties, and see what we would qualify for?