Would like to refinance this rental property with 100k in equity

[Shari Layton-Ferreiro]

Lived in this current rental for 2.5  years and recently rented it out. Tenant paid entire year upfront (his employer paid for it as a relo for him and wife) and we gave a $2000 annual savings (150/month) We plan on taking the $25,800 and investing it on next property which will be a duplex, triplex, or quad. Currently looking. Our current interest rate is 5.25% on the property and we have about $100,000 in equity presently in that home. Should we refi and do a cash out for the next few properties we plan on buying. We are currently paying $1442 on the mortgage including property taxes. We both work full-time still at our professions and can afford to continue paying for that mortgage. Given that the interest rates are in the 3% range presently, is it worth it to get lower interest rate and cash out? First timers here. Thanks for your advice.