rookie here- I want to get cash out of newly purchased investment property

[Bobbie Russell]

I just closed on my first investment property (single family home) 3 weeks ago. I put down the typical 20% ($48,000) but would like to see if there are any ways to get some of that back out as I'd like to purchase an additional property.  

Here are the numbers

Purchase Price $240,000 

20% (48,000) paid down

Current loan amount $190,000

Appraised value $250-$275K

Any suggestions on if I can, and if so, what's the best option?

[Brandon Croucier]

No shot, even if you went with an 80% LTV Cash Out on new appraised value, your rate will be much higher & closing costs are going to basically eat up all of your proceeds.