Cash out Refi to acquire multifamily units advice please!

[Burt Gourley]

Hello investors,

I am seeking some advice regarding jumping into multifamily units. i currently have 2 active rental houses paid for and clear. I am attempting to leverage one property with a cash out refi. I was planning on using it ( assuming I am approved) on another SFR in my area. However after much dwelling on the idea ( because I am new to this) , I wondered if I can cash out refi then use the money to as 2 separate down payments on 2 separate 4-plex units in the Lubbock Tx area. I used to live there and I remember the rental market was fairly hot at the time.

I guess here is where I need my advice, assuming I am approved - how viable is this idea ? Will a bank go for two 30 year mortgages on two separate buildings at the same time? I am hoping to get around $100,000 on the cash out refi. I was hoping to acquire two newer 4 plexes for around 180-185k each - using 50k down on both. 

I appreciate any insight- if there are any lubbock amigos out there- I would love to chat and see what your take is on this idea. thank you!