I Have $137,000 In Equity & I Want to Buy a New Home & Rent Mine

[Michael Mataluni]

Hello, I would really appreciate the advise of an experienced investor.

I currently have about $144,000 In Equity in my current home.

I'm thinking of refinancing to get access to the equity/cash as I purchased the home for $180,000 6 years ago and it's now worth about $300,000 and has a note of $156,000 remaining on the principle. 

I have 3 kids and our current home is 1700 square feet. We need a little more space. My thought is to refinance and to make upgrades to my current home, then rent it out and put a down payment on a slightly larger home. 

My goal is to have 5 to 10 rental properties over the next 5 years.

Is this the best strategy for my goals?

Best,

Mike