Cash out refinance, when to execute

[Andrew Witkowski]

I'm looking into more investment opportunities and have already completed one cash out refinance on a rental, extracting 100k.. the rent i receive more than covers the payment difference. I have another property which i am working on extracting more equity from.. but i currently don't have any opportunities lined up.. would you complete the new refinance at current low rates and sit on money for some months until a deal presents itself? When is it a good time to execute a cash out refinance? Is it common practice to have a deal in the works when doing these?