Pull The Money Out Of My Rental House Now?

[Lauren Bateman]

I'm in the process of looking to purchase another multi-family property. I currently have a 2-unit property with long terms renters. I invested $70,000 into the house and I make about $500/month after all expenses.

I'm wondering if I should pull out all of my money from the house to invest in another property. If I did that, cashflow would go down to $150, but I would have non of my money in the deal.

What would you guys do? Would you refinance now while rates are low, or should I wait to refinance until I actually find the new property? Or would you do something completely different?

Thank you for any responses.