Would you refinance to pull equity out?

[Robert Proctor]

I’ve got a question that hope I can get some guidance on. I currently have a loan on my current residence that runs a tad bit over 700 a month, with a 5 percent rate. With me currently looking to buy my first flip/ rental, would it be smart or not so smart to refinance since I would be going from 5% to 7%? I’d be pulling around 80-90k out, and have around 35-40k to add to buy a property. Or would it be better to go the route of using a hard money lender who will fund the whole deal, all I would need to do is find the deal, and fund the rehab? When I eventually rent my current property out (which will be a while since we have animals and a mini farm) I see no issue renting it for 14-1500 a month so cashflow on it after the refinance shouldn’t be an issue. 

[Robert Proctor]

@Jaron Walling I bring up the current situation of the farm and animals to say that I plan on staying in the current property a while, but I would eventually just get rid of them once we planned on moving. Not staying on the property because of the animals, we are staying because it’s directly beside my parents and we plan on having kids soon, so grandparents close by would be extremely helpful, I should have worded that differently. And as with strategy, I’m looking to buy and hold mostly, and potentially flip some that may not cash flow as much.  As with shooting the current property in the foot, that’s why I’m asking for advice.