Heloc or Cash Out Refi?

[JayCinta Henry]

SFRental - has a 220-230k value

Current mortgage balance is 149k, with a 30 yr, 2.85% interest.
I put about 15K down payment and closing, house hacked for one year. 

I need access to money, to invest in other deals.  I am now trying to decide if to do a Heloc with my property management company (they take about a week to approve) or cashout refi with a bank. When do you consider one over the other?

[Scott E.]

The right choice for you is absolutely to get the HELOC.

You have a $149k 1st mortgage locked in at 2.85% fixed. That might be the cheapest money you ever get. Hang onto that loan, and use the HELOC to tap into your equity.