Looking for help/direction on first Investment property.

[Hector Perez]

Hi All, So I am currently looking for my first investment property (BRRRR method) and was hoping to receive some recommendations and/or feedback.
I am thinking of doing a cashout refi on my primary residence to pay-off some debt. I recently consolidated my 44k debt @ 9% - pymnt = $1,000. Current FHA Loan - 149k balance @ 4.250%, 22yrs left and is worth 335k. Current pymnt = $1,917. Reached out to my current lender and these are the numbers. New Conventional Cashout Refi 20yr Fixed: 210k @ 6.50% (6.798% APR) New pymnt = $2,293. As far as closing costs, there is a $300 fee i'd have to pay since it is my current lender. My cs is @ 700.

I guess my question is... should I pay down the debt first? Should I do the cashout refi and pay-off debt or use that cashout money for an investment property then utilize the profit/cash flow from that property to pay down the debt? Should I look into a different type of loan DSCR, HELOC?

Please let me know if I'm missing information/details. Any recommendations or feedback would be greatly appreciated. 

Thanks in advanced! 

[Conner Olsen]

@Hector Perez Every dollar you pay down of the 44k is a 9% ROI. If you can make more than 9% CoC in real estate then you can consider going that route. It's going to be pretty tough in this market to get returns like that, I'd pay off the loan either in cash or cash out refi with a fixed mortgage. I wouldn't go with adjustable rates right now.