911!!!! Please help me with this decision.

[Elijah Jamerson]

I MUST move. Emergency situation. Needs 2 b in a year. 18 months tops. I have a primary and a rental.  Pretty much broke. My plan is to pull $ out the rental and refinance it into a conventional. And refinance my primary into conventional. This way I have the cash to buy wen I'm ready 2 buy. And my mortgages would be lower 2 maximize my rental earning potential. In a perfect world, I would b getting $800 in rent money coming from South Carolina while I'm in North Carolina (my destination). Virtually paying my mortgage in my new home. Rental was 81k now 58k. Appraised @ 120k. 5.3% interest. Primary was 187k now 170k. Appraised@ 220k. 3.7% . Both fha. Is this a good idea. HELP!!!

[Nick C.]

You need to move in a year? Doesn't sound like much of an emergency. I think the 911 is a little dramatic. Are you asking if you should pull out equity? Depends on many factors which aren't listed here. Hopefully you're planning on reinvesting whatever you pull out. 

Remember debt is like fire. It could be very useful or it could burn you.