Cash Out Refi even if it means lower monthly net?

[Mark Delgado]

I live in California and I'm debating whether or not I should complete a cash out refinance on 5 properties that I own free and clear. In this scenario I would pull 60% out of each at a 4.69% rate which would result in roughly 1.2m cash out. If I do this, I'd reinvest the money long distance into 5 additional SFR LTR properties at $240k ea in North Carolina. One item that has me reconsidering is that the CA rental market is a lot stronger/higher than in NC. So while all refinanced properties will continue to cash flow, my monthly net will decrease by about $1,200 a month. If you were in my shoes would you still complete the refinances and move forward? Or would you wait for rates to go down and then refinance? Or would you not refinance at all and use the annual cash flow to more slowly increase the portfolio? Thanks in advance for your replies and advice.

~ Mark