Cash out or HELOC to begin multifamily investing in northern NJ?

[Bethany Weinmann]

Hi everyone!! I've been listening to podcasts non stop, flipping through forums, and scouring the mls day after day. I want to begin my investing journey by purchasing a small multifamily in Northern NJ and house-hacking for a short period of time until I can complete the BRRR process and move on to the next property. I would be able to invest anywhere from Elizabeth, NJ and north (because of my work commute). I currently have a home in Haskell that i owe $189,000 on and would appraise for somewhere around $260,000. I am still paying PMI on my home (bought for $212,000).

My idea is to refinance to remove PMI. At that point, would it be smarter to cash out refinance or get a HELOC to get some cash to invest in a small multifamily?

I would love to connect with local brokers so I can get a good idea of my options and what would work best for me.  Also, I would love to be able to help out any other investors by running numbers or anything else they need so I can gain some experience!

Any advice/connections would be very appreciated! Thanks everyone :)