Should I refinance my property to buy another?

[Steven Carter]

I have a home that I purchased in 2010 for $100k and after living in it for several years in 2018 I refinanced it for $145k to use the equity on rehabbing my next home and then rented my first property.

My rental is currently worth around $290k

My rate is 4.125%

And it currently rents for $1450

I am contemplating buying another home to live in this year and rent out my current home again.

Should I refinance my rental to use that equity for down payment or rehab on the next home or leave it so that the note can start getting paid down.

I’m currently cash flowing close to $400 a month on it but I know o have lots of equity there that I could be using