When to sell rentals??

[Bill Zepeda]

Hi all,

I'd love to hear some advice from the seasoned investors on if/when to sell a rental property and repurchase another one.  I have four rentals and a couple of them currently have significant equity due to my area experiencing strong appreciation.  I've considered refinancing to leverage a property and use the proceeds to reinvest or simply sell and take the equity elsewhere.  I realize that a cash-out refi will decrease cash flow but taking out the equity provides more buying power to increase the portfolio...OR do I just sell one of the rentals to repurchase? Just not sure if/when the time is right to re-position.  

Thanks in advance for your thoughts!

Bill