First Post, New to Real Estate, Thoughts on Equity.

[Adam Rosenbeck]

Hello all,

My name is Adam and I am new to the real estate gig.  I have been doing a lot of research, reading, you-tubing, pod cast listening, and browsing the BP forums.  I want to take the plunge into real estate and start making some additional income.  I have a brother that has recently gotten into real estate and he is my primary motivator in starting this journey, hearing what he has learned and the potential that is out there.

My question is I have some equity in my primary residence right now (approx $40k).  I talked to my mortgage lender and asked about how to get 'more' equity out of my house since the market is high right now.  He indicated we could have an appraisal done and if it makes sense do the refinance in order to get more equity.  I suppose my brain tells me this is a 'more is better' situation and if it costs me $1,400-$1,600 to do the refinance but I get more equity (also about a quarter percent better interest rate), is that worth the chase?  

Seems like the answer should be a strong, YES, to go forward with the refi for the equity (provided it appraises for higher) and the quarter percent interest rate savings.  More equity is always better right????

Just thought I'd throw it out there and see what comes back.

Thanks all!