Better to get home equity loan on existing rental for a new rental or apply for a new mortgage?

[Cam Smith]

Hello all, I was just looking for some opinions on the best strategy to proceed. We have one rental property worth about 150k that we own outright and we were thinking of getting a home equity loan on to buy an additional rental property. Is this the best strategy or would it be better to just apply for a new mortgage to buy the new property with? What kind of loan usually has the best terms? I would think a regular mortgage would over a home equity loan it just seems kind of inefficient to have so much money tied up in the property that we own outright. Thanks for any ideas.