Refi/equity to buy second home?

[Narbie R.]

Some quick background info;

bought a condo jan 11 and have been renting it out since. Purchase price was 212k and i owe about 180k as of today.

Based on zillow (which i know you take with a grain of salt) Property is worth around 308k. I've spoken with my agent and loan officer and the 300k range seems to be where the comparable properties are selling for.

So my question is: Come Jan-Feb (you have to wait 1 year before you can refi) can/should i pull some equity(if banks allow) and use that to purchase another property?

I dont know if this matters but the rent i am receiving is covering itself and leaving a bit for me