Please ELI5 cash out refi and investment properties

2022.01.27 00:05 ForeverInBlackJeans Please ELI5 cash out refi and investment properties

I currently own and live in a house worth approximately $1MM. The mortgage is only $300k and runs me $1500/month. So I have $700k in equity. I have no other debts whatsoever and excellent credit.
I am looking to move up to a slightly largemore expensive house and though the plan all along as been to sell my current home, I have considered the idea of keeping it as an investment property since the rental value would be close to $3000/month. This would mean doing a cash out refinance on my current property to use as a downpayment on my new one.
In speaking with my mortgage broker I was informed that this wouldn't be possible since my current income could not qualify me for a significantly larger mortgage on my current home, let alone a second mortgage on a second home. Given my current income, that is fair enough. The point of a rental would be to cover the entire mortgage on the first property and ideally to cash flow at least a bit to offset the new mortgage on the new property, but admittedly the numbers don't check out for me.
If I pulled $300k out of my current home as a downpayment for my new home, my current mortgage would essentially double from $300k to $600k and obviously the monthly payment would double too from $1500 to $3000 completely demolishing any cash flow and not leaving me any room for maintenance or repairs....or property taxes or anything else. And then if my new property was around $1.2MM I would have a mortgage of about $900k which would be far more than I could afford.
So I guess my question is, how do people qualify for mortgages on investment properties? Do they start out with crazy high incomes on their own? I feel like I'm missing something here....
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Ex. Gun Tom Sophia More+++
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2022.01.27 00:05 kelvinjannsens We are delighted to announce that Bridge Mutual has collaborated with #EPNS to enable decentralized notifs for users! 🤩💫

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The song was previously planned to be a Little Stinkers and was upgraded during production.
"C'mon, it's the Peppers"
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If I get Apple Music, can I listen to podcasts there? I can't find an answer that seems up-to-date and reputable, so I figured I'd check with you all. I have an Android device, btw. I realize that that doesn't matter for Apple Music, but I figured I'd mention it in case it matters for something else.
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2022.01.27 00:05 PlumNo1275 Tell anythings in your life that was like a Chad/ Gigachad moment.

I have some.

  1. I was the chadest monitor of class who allow some people to eat tiffin during lectures.
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2022.01.27 00:05 Pranosaurus Can You Get Legitimate Engineering Experience from a low-paying Engineering Job as a Jr. Are all These pretty much worthless in terms of experience

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or do these never really offer more value than just working at Grocery Mart with some added high expectations and large responsibilities that comes with these smaller companies.
For the most part they don't really seem to have any experienced Engineers on site. I'm pretty convinced because of this reason that its unlikely
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