How to best use home equity to start acquiring properties?

[Dylan Boyd]

Hi guys! My name is Dylan Boyd. I'm a newb investor in Ft Worth, TX and I'm preparing to dip my toe in. I'm currently doing all the reading I can and listening to the BP podcasts and getting my financial ducks in a row.

So question, I've owned my house for 5 years and have been making double and sometimes triple mortgage payments thinking that was a smart thing to do with my money. Well now, including about 100k in appreciation, I'm sitting on a house worth about 250k that I owe 76k on. I'm at a 4.5 rate and paying mortgage insurance so I want to refinance anyway but should I go cash out refi (probably 90k) and use that for future properties? Should I keep paying the house down and opt for a HELOC? What would you recommend in my particular situation? Thanks so much and looking forward to getting to know some of you!

Bought for 150k

Current value: 240k according to zillow, not factoring any upgrades

principal balance: 76k

rate: 4.5

PMI: 1,200 annually