Cash Out Refi For Down payments

[Brian Oberg]

We currently own two SFR investment properties we originally purchased as a primary residence and since turned into rentals. Both are on 30 year fixed interest rate loans. With the interest rates low right now, we could refi the loans and drop 1 and 2 pointes respectively on the loans, take out the equity in the homes (~$100K) total and reduce the monthly payments, therefore creating more ROI each month. My concern is it would be taking the loans back to 30 years (1 has 15 years left, 1 have 20). Doing this would obviously reduce the monthly payment and create the increased cash flow.

Since they are investment properties and both have a strong rental history, this seems like a good move to create cash to invest into other investment properties.  This seems like a smart move, but would like any advice on it as we are new-ish to real estate investing.

Thank you for in advance your time and responses.