LOC or Refinance

[Richard York]

Hi all,

About a year and a half ago, I purchased a SFH in Phoenix, did some rehab and have been renting it out since then. The property values in the area have risen dramatically over this time and of course, I purchased under market value at the time. With the down payment, rehab and appreciation, I expect that I have about $50k in equity in the property.

I'm now looking a purchasing a second property and would like to tap into the equity. What would be my best option to get the cash out? Also, am I best to deal with my current lender or not? As I'm a Canadian citizen, obtaining US financing the first time was a serious challenge so I'd like to avoid too much red tape.

Thanks!