Sell current home for 100k to reinvest or cash out refi?

[Brin Dillon]

I currently have 100k in equity in my home that I live in. I’ve been contacting several different banks and lenders about a refi, but since I’ve only had the home for 3 years, I haven’t paid the mortgage down much. It’s worth about $330k maybe a little more and I owe $233k on the mortgage. All lenders are saying 80/20 loan to value so my cash out refi is only $28000 I can pull out. Our current interest is 4.875% and the refi would drop it down under 3.5%

Should I just sell the house, take the 100k and buy myself a new property to live in and take the rest and buy one to two more rental properties?

Or should I just keep the current home since we already have, and just let a tenant pay down the mortgage and let the equity keep growing?

Whatever move I make, it will be my first go at investing. I’m excited and nervous and definitely want experienced folks feedback!

WWBPD (what would bigger pockets do? 🤣)

Thanks in advance!

- Brin