Cash out Refi to purchase another

[Daniel Dube]

I currently have 2 properties with 23 rentals. They are cash cows with good interest rates. I net about 14k/mo thanks to 3.9% Interest rates. I want to increase my portfolio, but not sure if it makes sense. I have found a property I like for around 4MM. I could pull 1MM out of my 2 properties to purchase this but not sure if the numbers make sense. Refinancing, even at 6% would drop my monthly net to around $7,100. This new property would net me around $11,500 per month, but the net increase would only be around $4,400. I would essentially be taking on about 4.2MM in new debt to realize $4,400 gain. What are your thoughts considering I could increase rents and wait for rates to drop and when that happens refinance again and realize much bigger profits