REFI, HELOC or neither??? Please help a newbie out!!

[Ryan L.]

Hey everyone,

So i'm trying to buy a multi which I will live in one unit and rent the others. I have a property back east where I grew up (Jersey Shore) with no mortgage and currently on the market for $325k. My original plan was to sell the property, pay back my debt and take the remaining cash and start buying out here. Since I tend bar, I can't get financing so I was pretty much set on buying REO's all cash. Unfortunately, the unit isn't selling and I'm really itching to buy my first property out here so I was thinking on taking it off the market, renting the unit (where I can get back $1800/m). I'm a young guy at 25 so my options are limited but I'm really ready to get into the game.
Should I refi the property and take that cash out to buy a property? Should I try to get a HELOC? Neither and just let the property cashflow?? What do I do??