What to Consider Doing a Cash Out Refi...

[Steven Moore]

Hey BP Members,

Its going on 3yrs since I've bought my first investment property here in Katy. Since then, property values have jump significantly. I have 2 properties so far and WILL be purchasing a 3rd in coming months. To do this, I'm looking at doing a cash out refi of the first property. With the equity that's been put into in it along with the appreciated value, I would like to put that money to good use. 

My question is what are things to consider with this being my first cash out refi? I'm a bit nervous weighing the pros and cons. I know the mortgage must increase due to a higher loan. Can I actually use the appreciated equity? Does this mean property taxes increase also?

 All advice/information is greatly appreciated!