Newsflash: Just renovated a house. Thinking about taking out equity and buying another, pros? Cons?

I’m fairly young and just got into real estate. Went through my first big renovation. All new floors, walls, ceiling, new kitchen, new bathroom, new lighting, fixed the basement.Some stats: Bought the house two years ago for $170k. Zillow says the house is now worth $220k since the neighborhood is booming(I know it’s not accurate but still housing prices have skyrocketed). Rehab this year cost $40k(cheapest contractor I could find so the work isn’t high quality but definitely great bang for buck)The original mortgage was 30 year, 20 percent down. This is my third house.What are the inherent risks for refinancing, taking out money, buying another home? Is this common? How much money do you think I could get out of this deal?Mortgage plus insurance plus taxes is $1000. Rent is $1800.


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