Harvest equity and hold

[Mike Steffany]

I have a primary home and rental property (both single family) both with significant equity. I am considering pulling out equity from one of the properties, not for immediate deployment, but just to have some fire power should the market start to slow and come back down. My thinking is to take it now while rates are where they are and be ready with cash for a down payment on 1-2 properties in the next 6-12mo if a prime opportunity comes up. Any thoughts on equity harvesting with a “wait and see” mentality on the market?

Side note…taking 100k out on my primary would still leave me at 55%LTV. I'd be going from a [email protected] to a 30y@todays rates. Monthly would almost be the same, considering a refi rate in the 5-6% range.

TIA