Which property should I refinance first?

[Rosanna Tran]

I have my primary residence & 3 residential, one owner occupied commercial all free & clear, one rental commercial with a 6% interest only mortgage that ends in 5 years. What’s the most sensible way to cash out?

[Chris Mason]

Closing costs do not scale up and down with loan amount in a linear fashion. That means in order for money lost to junk and fees to be as small as possible relative to the amount of tax free deposits into your checking account, you hit up the property with the most equity first. And you max the cash out amount, you don't do $50k this year and $50k next year on the same property (two sets of closing costs for $100k), you either do $100k all at once (1 set of closing costs for the same $100k) or don't do it at all.