New Investor looking in Denver

[Eric Dupuis]

Hello all, new investor here looking to get in the game. I bought a house in Arvada three years ago which I now rent. I cash flow $650 on it with my current loan. I just had the house appraised for $495K and I owe $339K. Is it advisable to refi with cash out or line if credit to buy another house? The Denver market seems competitive but I like the BRRR method of investing. In Denver, it seems like the $100K-$150K single family homes are a thing of the past so it seems I'll need more money to start than the $30K-$35K everyone talks about. Am I late in the game or are there still pockets to invest in?

Thanks!