Help with BRRRR Strategy - HELOC or Cash out in today's market

[Eric M.]

Hello All.. Im currently in the process of renting out my primary residence. I have a few questions on the best way to implement the BRRRR in my scenario. My home is currently valued at $320k and I owe $97k. My current interest rate is 4.85%. I have been looking into both a cash out refi or heloc. I want to tap into the equity and pull out the max. My plan is to use the money to purchase 2 rentals. I would also be renting my current home after pulling out the equity. Any recommendations on whether I should take a Cash out vs. Heloc? My current primary mortgage is with Wells Fargo. I have been comparing rates with Navy Federal and Synovus Bank as well. Which banks have you all had the best luck with either of these strategies?

Also my current home is on a FHA loan. After, I refi or HELOC would I need to declare my current home as a investment property and would that affect my rates?

Any help would appreciated. Thanks.