Advice for Funding First Deal

[Ryan Mitchell]

I've begun my education journey into real estate investing and would like to materialize a plan to obtain a first rental property. I own one home, which is my primary residence. I'm looking into cash-out refinancing my primary home (currently 49% LTV) and pulling out cash to where the home is about 70% LTV, which would give me around $150k to invest. I don't have any deals in particular in mind, but I wanted to get the cash out in preparation to jumping on a deal once the opportunity arises. With a $150k cash-out, my P&I would increase about $600 a month, something I'm not willing to cover long term, but am willing to do if a rental property is able to make up that difference and provide additional cash flow. Is it reasonable to assume that $150k invested in a rental property would easily net (minus all expenses and set-asides for vacancy, repairs, etc.) $600 a month? Is this a good strategy for getting started with a first deal?