Should I refinance my investment property.

[Wayland Willingham]

Hello everyone,

This is my first time asking for advice. I have an investment property which has 57,000 remianing on the loan at 3.25%. My payment is 551 a month. I cash flow $300 on the property. I wanted to refinance my property to get 29K out of in order to pay off my 401k loans at 23k and 9k respectively. By doing this my my available cash per paycheck increasing by 450. THis would also allow me to qualify for more on the 203k fha loan I'm applying for on my next OOC duplex or triplex property. My refi loan would be a 5-6% on 95K. Is this a wise idea. Any advice would be greatly appreciated.