Cash-out Refinancing options

[EJ Ehrlich]

Hey guys, I bought a property or cash a couple months ago. The property is netting me about 14%. I want to pull my money out to purchase a second property. However, rates are high and plus My credit score is low, The bank is giving me a high interest rate. If I Refinance with the bank my NOI Drops down to barely breaking even due to high mortgage payments with high interest. I can either refinance and bite the bullet with high mortgage payments and low NOI OR wait until rates go down and And then refinance and buy another property.

What do you guys think?