Best way to leverage equity in a newly acquired property

[Stacey Olson]

Hi all,

We're putting an offer on a property tomorrow that, if accepted, would provide a minimum $30-40k equity.  How would you recommend leveraging that equity?

[Account Closed]

HI Stacy, 

I'm assuming this is either your home or it will be a rental? 

If so your two best choices would be to 

1) Do a refi and pull cash out. 

2) Get a line of credit.  This is a nice way to go. Use it pay it off use it again.

I have done both, depended on how much cash flow I was looking to keep. 

Why are yo looking forthe cash?