Cash-Out Refinance for an Investment Property

[Daniel Demint]

Hi All! I'm brand new to Bigger Pockets and I'm looking for some information in this amazing community. My Fiancee and I purchased a HUD home 14 months ago to be Owner Occupants. We paid 26 for it, it appraised at 54 (before installing new kitchen, bathroom, and other upgrades.) With all that said, would a cash-out refinance be feasible in our current scenario, and if so....could the resulting cash be used to purchase another property for investment purposes? Thanks in advance :)