My road to BRRRR - 90k condo now worth 250k

[Nicholas Smith]

Hey Bigger Pockets Friends,

This is my first post on here so I appreciate the support ahead of time. Back in 2011 I purchased my first condo for 90k and now it's worth 250k. 

I wanted to look into refinancing this property and preparing for the next phase in my real estate investing journey. 

Current details

Remaining balance 62k @ 4.375%

HOA 200

Tax $1095/yr

Insurance $480/yr

Current Rent $1207/month

Refinance details

LTV 75% 187k @ 3.375%

(~120k in the bank)

So I have calculated that my condo would now be cash flow negative after such a large refinance. But I would have funds to explore other investments. 

What are your thoughts on this move? Is it a bad idea to ever go into a negative cashflow on a property like this? I planned on making larger payments monthly to pay down the loan so the interest cost would match my initial loan.