When is the right time to refinance and cash out?

[Eddie Sorrell]

I have the opportunity to close on our first four-plex tomorrow! When is the right time or is there a minimum amount of time I need to consider before a refinance and cash out to invest in next property. Our goal is 20 doors in 5 years or less. Scenario: Purchase price 260,000 Loan amount 208,000- yes the cash required hurt me a bit... Property appraised @ 325,000 Current cash flow 400 after all mortgage, insurance and operating expenses Opportunity to raise rent with new lease terms for additional $400, which could lend to $800 per month cash flow. Given this scenario and that I have a 25 year amortization with floating rate when would you refinance?