How do I take Equity out?

[Wojciech Grajewski]

Hello,

I own a home on Long Island that is currently worth about $500,000. The house is fully paid for. I have about $48,000 in cash and would like to purchase my first investment property. Should I do a HELOC? Can I do a Cash-Refi? I do not want to do much if any renovations and with that said that houses are going for about $375,000 - $450,000. My Income is about $65K a year. What do you guys recommend I do? I would like to close within the next 6 months.