What should be my next move?

[Andy Mejia]

Good Evening All, 

So I purchased my first house as a house hack and now I want to make my next move with limited capital. I have about 17k but I do have a house where I currently reside at with my mom (shes the owner) that has great equity. The mortgage has about 225k with an unnoficial appraised value at 719k (will be higher once they see all the work that we put into the house). I am looking to purchase a new primary residence and use my current primary residence as an investment property and rent it out completely (I would be managing the house get a piece of the monthly income and the new house would be under my name). I did some research and spoke with my previous lender and he suggested a cash out refi to purchase my next home. This would be my first time refinancing so any tips or suggestions you guys can give me would be great. I am looking to do this soon and this seems to be a great time to do so with the federal rate cuts that was just announced.

Thanks,