cash out refinance for first ever deal?

[Kris Vergara]

hello fellow BP members, i've been watching podcast and reading posts/forums about REI going on 2 yrs now. and just like most newbie (or maybe some newbie), hesitant on pulling the trigger, and yes i know i have to just go ahead and do it. i'm asking, humbly, anyone that can help or guide me about funding/financing my first property.

- i'm looking for a small mfh in lehigh valley area and have 40k to invest. house hacking is out of the question as my family is already established in the good old garden state. i was told by a mortgage person that it'll be better for me to refinance my house (cash out refinance) to get an equity and lower my payment so i can qualify for higher loan and maybe even able to purhase 2 properties. with the current rate, my interest will likely be higher than what i have now (currently 3.5% and have about 11 yrs left on it). would you guys recommend doing a refinance in this situation (for a first rental property) or 40k give or take enough to start REI adventure. thank you in advanced for your time and i appologized if this post is confusing for those seasoned investor.