Refinance or HELOC/HEL advice

[Spencer Harvey]

Hello,

I posted a question similar to this in the past but can't seem to find. Here is my current situation...

I have approx $100k in equity in my primary residence. I recently purchased two investment properties, both with 20% down payments (totaling around $100k) which used up essentially all of my available funds. I am looking to purchase more rental properties, but do not have any cash available for a down payment.

I am undecided as to what would be the best course of action to take. Should I take out a HELOC or HEL on my primary residence, and use the funds from that to make a down payment on additional properties and then obtain a conventional mortgage on them? Or would a cash out refinance make more sense?

Any help would be appreciated!

-Spencer