Re-Fi cash out

[Emily Pierce]

I purchased my townhome as my primary residence over one year ago at 85k and identical units are selling for anywhere between$120 - $160k. I'm really trying to take the plunge into my first investment property and I do have some cash set aside, but I'd like to keep that cash in my reserves. It seems too easy to refinance and cash out the equity. If anyone has any tips or advice to share, I would appreciate it. Thanks!