Equity Dilemma - Wait to for more reserves or pull equity?

[Jeff Bush]

Afternoon!

I am a newish REI, having only been at this a few years. I currently have 6 SFH, buy-and-hold, long term rentals in the Hinesville area. I am working on my 7th deal with the 8th-12th on my plan for next year. The dilemma I am facing is the risk vs reward of tapping into the equity I have accumulated. In addition, to the 6 rentals, my primary also has a good bit of equity built up. I was debating moving last year, but I put a pause on that until this market cools down. I am sitting on about $100k of equity and debating on what to do as the next financial step. My original plan and strategy was to pile cash reserves every year between the cash flow from the rentals and my contributions from savings. Now I am considering pulling the equity I have accumulated in the properties.

My concern is two-fold. Although I understand the perspective of "dead money" by not touching the earned appreciation, I am a fairly conservative investor. I get reservations tightening my cash flow although I know it's for the long-term gain. Second, I of course have concerns regarding this current market. I worry that some of the appreciation is on paper. It makes me lean towards HELOCs, if I were to do anything with equity. 

I am just looking to see what everyone's perspective is on this. Do you constantly tap your equity to continue to expand your portfolio or go the slower route and let the cash reserves grow to buy deals that way? 

Thanks - Jeff