Using Equity to buy Investment Homes for rentals

[Cristina Benson]

Is it wise to refinance my own personal property (current balance of 155k, 9 yrs left of a 15 yr loan, 365k current market value) to cash out the maximum amount of equity (about 120k  and go to a 30 yr loan term) I will pay off 50k debt and use the 70k to purchase several investment properties. I am looking for properties that I can buy and hold. I will buy with 203k loan and refi to a conventional loan using the 70k for the 5% down payment to purchase 10 houses in the next 3 years and lease them out. Does this seem like a reasonable plan?