Equity loan VS refinancing

[Josh Widener]

I am trying to gain knowledge on financing my first investment property. I currently owe 214K on a home valued at 315K. I was considering selling and using the money made to purchase a multi family property. However, now I'm considering staying in my current home and either refinancing or taking out a home equity loan to purchase a second property for a rental. What is the best route to take? I've only been a homeowner for 2.5 years but want to take advantage of the crazy Portland, OR market to cash in on my home. Any help is appreciated. Thank you