How to get equity out of my house?

[Jeni Lu]

I'm a very new real estate investor so please forgive me if this is basic real estate 101 to some of you. :)

I have 1 rental property that is completely paid off. I'd like to tap into the money from the house to purchase a 2nd rental property.

What is the best way to go about doing this? Should I get a home equity line of credit or a mortgage? Do I call up local credit unions? What questions should I be asking when comparing bank offers?

Thank you!

Jeni