HELOC or Refinance on Second Investment Property?

[Miko Lee]

Hi,

I bought a triplex back in 2017 and the property has been doing really well. So, I am now ready to get my second investment property (preferably a multi). However, I prefer not to use my own out of pocket money to fund the next down payment if I don't need to. I bought the property at $700,000 and now it roughly valued at $970,000. I have a conventional loan of $500,000 on this property. To fund the down payment of the second investment property (I don't have one in my mind yet, but just wanted to have the cash ready for down payment if I do come across one), I was thinking of doing a HELOC from my triplex. What do you guys think? Is now a good time? I thought about doing a cash out refinance but interest is way too high now, and with the existing $500,000 loan, the payment increase would be really significant. Any other options?