Financing my first investment property

[Mikus Zisumbo]

I've been contemplating real estate investing for some time now. In my current situation I have approx $131k in equity in my current home. I've been researching my options to invest this equity to buy my first investment property. My initial thought is to refinance my home to pull out the equity. This isn't the most ideal situation because I'd have to pay closing costs and my interest rate would increase to the current rates. My second thought is to obtain a home equity LOC. I've never had a LOC and I don't know a lot about them so I tend to shy away.

Does anyone have any other suggestions or have any advise they would like to share? I would appreciate it.