Refinancing for Cash

[Henry Peñate]

Hello all,

My wife and I just purchased our 2nd single family for $218,000 ($205,000 on mortgage). We put $13,000 down on a conventional loan at a 2.9% interest rate .

It brought our savings down to $8,000. On the 1st property we purchased for $135,000 6 years ago at 5% interest we now have a mortgage on that home for $110,000 it is now estimated to appraise at $200,000 to $220,000. That home now has a tenant , cash flowing $500 a month but plan on atleast $700 after refinancing.

What strategy on refinancing should I use to get cash out of refinancing to give us a emergency fund but at the same time have money to do an investment loan and put 20% down on a property that'll give us 17% ROI and cash flow. I know refinancing will whip out our savings so it's a must we get cash from our equity.

Thanks all in advance

Henry from Houston , TX