Cash pay off HELOC used to purchase triplex, or refinance rental?

[Paul Selva]

Hi all, 

My wife and I now own 4 rental units, and are looking to increase rapidly and wisely. We purchased a 3-unit with a HELOC (Home Equity Line of Credit) from our home. We now have the option to pay off this line of credit ($110,000) in cash, or refinance the triplex in 3 years and pay it off with the refinance.

Is is better to get that HELOC paid now, then refinance and invest with that money in 3 years, avoiding 3 years of interest payments? Or better to hold our cash and invest in more properties now, paying interest on the HELOC for the next 3 years?

Thanks so much!