Best way to tap into equity with current market?

[Rik Patel]

I currently have a paid off property worth $470k that currently rents for $2750 a month and wanted to tap into that equity to use as a down payment to purchase up to a $1 million dollar property. I'll need about $350k down to purchase it.

Do you think it's better to get a LOC against the property to fund the down payment or a cash-out refi?

Look forward to hearing from you!