Refinance. Or, Stay the Course

[Sean Stroh]

I am a fairly new investor and have pondered a decision on my first single family home:

a)Refinance the loan to increase monthly cash flow. Or, stay the course with minimal monthly cash flow and faster loan pay off.

I have 9 years remaining on the loan. I have had a tenant in the home for a few years - very reliable. The property cash flows under $100 per month.

b) Refinance. Drastically reduce the monthly payment - increasing cash flow. But, extend the years to pay off the loan. This would reduce risk and provide cash flow for a second rental.

I've set a goal to purchase one SFH per year.

Running the numbers it seems logical to refinance to increase wealth now to provide options as I continue to build toward my goals. 

I am wondering if anyone has confronted a similar situation, if I am missing something, and if there are better approaches.

Thanks!