Should I refinance to make the first purchase now or wait?

[Thuan Nguyen]

Hello BB gurus, I have been reading and absorbing as much as I can into this real estate investing since my primary residence purchase 2 years ago. I live in the Pacific Northwest region with median home price around $480k. I am interested in the BRRRR strategy, but currently not in a cash position to start. It would take a few more years to save enough cash (~300k) to start this strategy (per BRRRR by David Greene). With the current market volatility and future rise in interest rate, should I do a cash-out refinance of the primary residence to lock in low interest rate and purchase my first investment property to get my feet wet through the traditional way? Or wait until I have enough cash to start the BRRRR strategy? Your inputs will be greatly appreciated.