Tell me your long term hold strategy against assumed refi hikes

[Jesse Fernandez]

hi all, I raised this question before but likely didn't convey or paint the picture of my question as clearly as I would have liked, so I'm trying again in hopes of quality replies to my question. 

A common strategy for long term/buy and hold multifamily/apartment investors (typically those in the commercial MF space of 4+ units) is, at a high level,  to:

1. Acquire property

2. Increase NOi

3. Reposition and refi

4. Use new capital to acquire new property

5. Rinse and repeat 

While fundamentallly, it's a straightforward approach and one which I plan to move forward with. My question boils down to this...

How does one plan or strategize this as it relates to terms/rates on future refinances?

What's not to say that once I reposition my MF and am ready for the my next refi, that those rates those explode and are through the roof? 

Sure the rate climb is subtle and rates are good now, but how can investors be sure they're not caught holding the bag?

I'm thinking in terms of a long long term hold, possible 20yrs +...

Would love to hear from long term folks/pros on how to weather that or anticipate and "rebalance" your portfolio, for lack of a better term. Please let me know if that all makes sense!