Cash out for repairs and what else?

[Bill Miller]

I have a multi unit that I purchased 10 years ago with good cash flow but the exterior is all wood.  I am refinancing the property and pulling out about $45,000 and planning on making the exterior maint free for about $20,000.  I will still have about $40,000 in equity after the refi with basically the same payment and payoff date.  I have never pulled this much money out of a property and want to make sure I am doing the right thing.  My wife has wanted me to sell the place for years but I have prevailed in convincing her it's in our best interest to keep it.  But I realize putting $20,000 into it does nothing for the value.  I'd like to buy another property with some of the extra cash.  Comments?