Cash Out Refinance During These Crazy Times

[Danny Le]

Hello everyone, I am new to investing and new to BP but am excited to be here!

Background info: I currently own a house and did a house hack and planning to hack another part of my house to generate some more cash flow. My goal is to generate enough income from my house to cover the mortgage etc. Meanwhile I have been reading alot of the BP books and listening to as much BP podcasts as my 2 kids will allow me to listen to during school closures.

My goal is to build up some cash reserves in hopes to either purchase another home and convert my existing home into a rental. OR... do an Out of State BRRRR (finding it hard in the CA market to get anything affordable to BRRRR). Is it better to Cashout Refi or Refi and get a HELOC? Any and all advice is greatly appreciated. Thanks!