Refinancing Rentals to Cash Out

[Justin Putt]

I am currently interested in doing a couple of things. One is acquiring cash flowing rental properties, another is raising capital to have funds for future deals and have a safety net.

Lets say I purchase a rental that cash flows, but has 15k in equity because I have purchased it under value. What if I decide to refinance it to cash out lets say 10k of that equity. Will that make my mortgage payment go up, hence reduce my monthly cash flow? I am very curious how this works.

Thanks!