To Re-Fi or not to Re-Fi?

[Luther Smith]

I'm a newbie investor in the NYC area. I'm focused on starting out with small apartment deals through buying and holding. My family currently owns a six unit multifamily free and clear of debt. I was recently talking with a broker and he recommended re-financing the six family first and have that cash on hand before I venture out to look for my first deal. His point being that I shouldn't wait to find a deal and then have to scramble to pull the money out of our existing property to buy.

This sounds right to me, but is it?