what to do with 100% equity in a rental property

[Joseph Vu]

Hey all, I currently have a rental property that is currently paid off, with about 650k worth of equity. I hate to have all of this equity just sit here doing nothing, so what kind of strategies would you guys take to make use of the equity? Should I try to get a HELOC or an equity loan?

I would love to purchase more turnkey properties, but it has been extremely difficult to purchase any due to low inventory. This has been common with multiple turnkey companies.

I was thinking of scouring the MLS for properties and renovating them myself, but the thought of trying to manage this out of state would be extremely stressful.

This leads me to trying to flip properties locally. I am from the Bay Area, Ca, so the market here is quite different. What do you guys suggest I do?

[Jon Kelly]

@Joseph Vu either (1) take advantage of the seller's market we're in and sell, or (2) cash out refinance and pull-out 75% of $450k+ of equity. Use the cash from either scenario and buy a $2M multi-family property