First Rental Property, Heloc or ?

[Demetri Xanthos]

Hey all,

First time poster long time reader. Bought my first two family in Lyndhurst NJ, December 2017 and currently living in one of the apartments. Purchased the home for $315,000, it is a 3 bedroom, 2 bath (two beds down stairs, one upstairs). We (wife and I) completely re modeled it inside, and currently rent the upstairs 1 bed room for $1650 per month. We had the downstairs appraised by a realtor at $2400 per month but we currently live in that. 

House was appraised at $340,000 at first assessment prior to closing. Of the $315,000 we purchased it for, I had put down $70k. Currently I owe about $245,000 on my remaining mortgage at 4.8% interest. My property taxes are $6,000 per year. Total renovation cost was $100,000, it was a complete remodel down tot he stud, finished basement, central air/heat, layout changes etc.  I have not had the home assessed for current value yet. My concern there is my property taxes increasing due to renovations. I get conflicting opinions in terms of that so that is reason i am skeptical about any kind of assessments. 

Currently I am have been reading about taking a HELOC out on the home and using it to purchase additional rental properties. I know with renovations I will have a decent amount of equity in the home and figured i could use it into buying and holding additional multi family units. Reason i am posting this is because I have also read a good amount of people talking about cash refinances instead of HELOCS and so one so I wanted to give my situation and see what others would recommend. I have zero intentions of flipping homes, i am only looking at buying and holding. Reason be is since i am in the automotive industry ( i own a performance shop as well as used car dealer ship) i want to make sure i have a steady income past retirement as I am sure most on here do as well. I also do have money saved again to purchased another multi family additionally but wanted to see if maybe using the equity we built up would be a better solution to purchasing one or two more additional properties on top of the cash we are already holding. I feel i can use the cash and the equity and turn them into multiple units this year alone. Trying to get everyone's take on what a good path would be for me? I read so much online and get pulled each way and my opinion is torn. Any help would be greatly appreciated

Thank you

Demetri