Cash Out Refi Go Big, or Stay Small?

[Bud Dwyer]

I am at a crossroads with my current multi-families.  I own three fourplexes in C-D areas.  Luckily they're in Phoenix, so they have appreciated a bit and the rents are higher than I thought they would be by now.  My options as I see it are to do a Cash Out Refi on them, then try to get either a larger property or a lot of smaller ones.  Using comps in the areas, I estimate all three combined are worth $950k.  I currently owe about $395k on them.

I would love to get a larger building that can out perform what I'm making now.  Then there is the side of me that want's to stay small, and grow my cash flow as much as I can, so I can eventually do real estate full time.

Anyone in this position currently, or have any advice on what I should do?

Thank You