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.