Scenario: What would you do here?

[Andy Mejia]

Good Morning all,

Im still a new investor and I only own one property so far (bought it roughly 6 months ago). I live in NYC and have around 35k in Savings left after the rehab for my newly owned property. Now to make it even sweeter, me and my mother currently reside in a house in the Bronx that has a remaining mortgage balance of 225,000 with an unnoficial estimated appraised value of 719,000 sent by the bank. My mom wants to move to somewhere else in NYC (less crime) and make a living elsewhere. The deal is that she would live in the basement and I would own a floor and pay for the rent of the entire house so a cash out refinance makes the most sense to me. I also wanted to purchase a multi family house so that I can use them to pay the mortgage and cash flow this property in the future when I decide to leave. Here are the current numbers you may need to have on our current primary residence. I look forward to your help guys!

Thanks, 

Mortage loan amount: 225,000

Appraisal: 719,000 (low projection and should be at least 50k more but we will leave it here) 

Interest Rate (Current): 6.4 (YIKES)

Current Primary Residence: Two Family projected to earn roughly $4100 a month.