Steps to Using Home Equity

[Kareem Arnold]

Hello All,

I bought a home in Hawthorne, CA roughly 7 months ago for $504 k, all cash. The place was a project and had to be renovated. Last month I cashed out to pay back my investors and got a 30-year mortgage with a bank. During the process of getting a mortgage, the bank appraised it for $675 k. The mortgage right now is around $3000 monthly, I'm house hacking and currently renting out 2 rooms for $ 1k each.

Would it be a good idea to use the equity now built into the home to purchase an investment property? If so what steps should I take next?

Thank you for your time