It’s a little scary, and expensive, to cash out your equity. I signed all the paperwork today to do so. When all is said and done I’ll be paying about 4k to get 50k out of Rental #1 (as long as it appraises).
We bought Rental #1 in May 2010 and had it rented by September 2010. Definitely spent a little too much money and time before renting it, but we now have a wonderful tenant who is on a 2 year lease.
Now I’m dying to buy #3 but don’t yet have the cash. It should be in my hands in two weeks, but I should really stop shopping and checking availability on listings as I have to submit proof of funds with any offer I submit.