Cash out refi good idea or no?

[Alexis Jaramillo]

I have a property that I have built a good amount of equity about $150,000 for an estimate. I plan on renting out this property and never selling it. I could take out about $80,000 in a cash out refi and use that money to pay off some debt and use most of it to put a down on another property. Doing this would add about $300 a month to my mortgage payment. The rent I would be getting would still cover this payment as well as cash flow a good amount. Is this a good idea? Should I utilize my equity or just get more cash flow when rented? Thanks in advance!