Cash out refi on personal home

[Stefanie Brown]

My husband and I are considering a cash out refinance on our personal home to fund the down payment on our first STR. (The goal of the refinance is also to get a better interest rate)

This will be our first real estate move (other than purchasing our home) and I’m just a little nervous about doing this on our personal home.

I would love to hear if others have done this or if you would not advise this strategy. 

We are estimating to be able to get out $60-$80k (we have had a lot of appreciation because of the desirable school district we are in)

Advise? Tips? Motivation🤪