Starting Out and would love suggestions

[Angelo Darin]

Hello, I am currently in Grand Rapids, MI and plan on investing anywhere in Michigan. Currently I have a primary residence home that is valued at 350k . I currently owe 230k on the property so I have a ton of equity. It is a 5 bedroom 3 full bath house with two levels. 2 bedrooms 2 bath up, 3 bedrooms 1 bath down. I have a 2 stall garage and rents are going for $2000 - $2500 right now in my area. My questions is should I use the equity in my house to purchase an investment property or should I rent my current house out and go find a new primary? I have 2 kids and I am married so I have to take that into consideration as well. We are more than happy to get uncomfortable to get comfortable. Thank you in advance. 

[Angelo Darin]

Quote from @Nathan Gesner:

Quote from @Angelo Darin:

If you take money out of your current property, it's a method of borrowing to borrow. I don't recommend that if you can avoid it.

My preference is for you to purchase another house to move into, then rent the first house out. If that's affordable, it's a wiser investment that ensures you're not over-leveraged.

 Nathan,

Thank you for your response. I could not agree more that borrowing to borrow is not my preferred method. I do want to find ways to use my equity but with 3.125 as my interest its hard to even consider a cash out refinance. I think the numbers make most sense to rent my current out and go buy another property just to do that again in 1 year. I am just trying to be creative in buying more properties faster than just 1 a year.