How Much Equity if any? Looking for deal #2

[Grant Mitchell]

I bought a property for 51K put 20% down and got a mortgage for 40.8K fixed 5.5% over 30 years. How much equity do I have in the property if any? The home appraised for 54K in December when I closed on it. Didn't need much work though just painted and replaced carpet downstairs so I only purchased a little below market value. Can I do a HELOC to use for a 2nd deal or is it wayyyyy to early for that? Or is there a way to get any of my initial money back out yet?

Thanks for the help in advance :)

[Caleb Heimsoth]

Your equity is 51k*.2 plus 3k (54-51) minus whatever you spent on paint and carpet