What is better? Refinance or Home Equity loan in my situation?

[Andy Nguyen]

Hi all,

First of all, I just want to say that this community has a ton of great information and for the past week I've been reading/observing so much information about real estate. We are looking into real estate investment for passive income/retirement and is interested in the BRRR method.

We currently owned two properties. One out of state rental that is currently rented for $2700 with a mortgage of around $291,000. The house is estimated to be around $620,000. I have another property that is my primary residence currently valued at $246,000 and is paid off.

Based on my situation above.

1. Is it better for me to take out a Cash-Out refinance or Home Equity Loan and which property? The rental or my primary?

Thank you!