Quote from @Pete Tarin:
As a person who is new to Real Estate and Real Estate investing, is it best to save up cash or do a cash out refi on your personal home to purchase a 2nd home (1st rental)?
Is there a financial calculator to determine if doing a cash out refi makes financial sense with today's rates to use for down payment and or purchase property?
As a rookie, which would you do and why?
You've already received some good advise here already. If you find yourself saying "I am new to real estate", then you do need some time to educate yourself (BiggerPockets is great for that) and plan your first investment carefully before jumping in.
Remember, buying a traditional rental is one of many different ways you can enter REI world. You definitely need cash for downpayment and reserves. Unfortunately, if you are hasty and/or don't underwrite your first deal properly, it could become an expensive mistake.
Reach out to me to chat if need more guidance...