Should I cash out re finance

[Victor Tofilski]

I bought my first house (Duplex) last January. My rate is 6.625%. I was planning on combining the 3 strategies of brrrr, house hacking and sneaky rental strategy. I’m currently looking to buy my next primary residence to house hack. I was thinking of using the 9k that I can get out the refinance of the duplex for the down payment/renovations of my next house. Only problem is the new rate will be 8%. Does it make sense to take the higher rate to pull out 9k?

Should also mention I can’t wait till rates to come down to refinance because I will only be able to take out a loan for 70% of the value instead of the 75% while it’s my primary.