Cash out refinance or HELOC to start investment journey?

[Timothy Mitchell]

Hello,

I currently own a condo that is fully paid off (market price is ~$140k). I was wondering if I should pull out equity via a cash out refinance or HELOC. I am able to afford the extra payments and was primarily wanting to use this capital to scale my real estate portfolio via BRRRR. I thought that a HELOC was the way to go as I am able to access the capital multiple times at any time, however, after listening to David Greene's Q&A, he said that a cash out refinance would be better.

If I were to invest into commercial or multifamily real estate, a cash out refinance would be better, right?

Any advice would be appreciated! I linked the Q&A for reference (David discusses this around 3:44):
https://www.biggerpockets.com/...

Thank you