How to cash out an investment property, what can I get?

[Martin S.]

Purchased at $150k a year ago, now worth double after some sweat equity and market appreciation. Loan was at $120k, how do I get as much cash out as possible with rates close to 4%?

[Joe Villeneuve]

Analyze the numbers for both refinancing with a cash out, and flipping (don't forget there are more costs/expenses with flipping that take away from your "profit").

If the refi analysis shows you will still cash flow enough to make it still worth keeping as a rental, then that is usually your best option.

If the flip analysis shows a lot more cash to you after closing than you would get from the cash out if you refinanced,  then that might be the better option since the funds you get might turn your current one property into two properties, with one replacing the lost cash flow (because you flipped it), and the other representing new cash flow.