Using $135K equity from one home to purchase 2 or three additional investment homes

[Jose Vasquez]

I am new to investing in real estate, but I do have a home that I purchased for my parent, and the property has about $135k worth of equity.

I need some guidance to see if what im thinking is possible.

I found a home for $200k in Florida - I was thinking of refinancing my property to take out the $135K in equity, and using $40k to purchased this house

so the breakdown is this

Total amount on hand after refinance = $135k

House 1:  price=$200k / deposit=$40k / Remaining cash on hand=$95K
House 2: price=$200k / deposit=$40k / Remaining cash on hand=$55K
House 3: price=$200k / deposit=$40k / Remaining cash on hand=$15K

My question is - does this make sense, and has anyone done something similar?  Or is it a bad idea with a lot of risk?

Thank you all -