Refi rentals to pull cash out

[Sarah Herzog]

Some background. We have two investment properties and our primary (which will also eventually become a rental). We buy as primary residences,  live in, renovate, rent out, buy again with a primary and repeat every few years. We’ve now been here 8 years and while I’m ready to move we are 2 blocks from the Atlantic Ocean and my kids and hubs have no desire to leave our neighborhood for the foreseeable future. 
My husband wants to pay off rentals I want to keep them highly leveraged and keep cash in reserves. 

Some info...
rental one - owe 103, at 4.65% valued 195+, 12 years left, I’d like to pull out 25k and refi at 30 years, 3.625%. 
This does two things... puts roughly 22k in our pockets for cash on hand and lowers payments to create about $370 a month cash flow. 

Rental 2- owe 134k, at 4.5%, 22 years left. Valued 235k. 
again refi at 3.625%, 30 years, take 30k out in cash and put in reserves. Property would still generate about 380 a month in cash flow. New Payment would remain same as current  mortgage. 

Primary residence is at 2.99%, 30 years, 240k. Valued at 450k. 
so I feel like we have a situation where we should take out as much cash as possible against the rentals stash it aside to use as a down payment on another investment property since we won’t be moving anytime soon and won’t have the benefit of buying our next property with a primary residence mortgage. 
money is cheap now and to keep cash flow at 750/month abd put 50k in a reserve account just makes sense to me. My tenants are financing our investments... 

what do you guys think?  

[Jaron Walling]

@Sarah Herzog I think you have some good money problems and market appreciation. I like your investment strategy but the only reason you can pull this off is because of the super low interest rates we're currently experiencing. 

I'm in the boat with you. I just refinanced my primary to pull equity. Money is so cheap and the people not taking advantage of it are missing out. These interest rates have to go up at some point. I went with a 65% LTV loan to keep my payment in check and to retain some equity. If the markets go sideways you don't want to be leveraged to hills. That's just my opinion as a conservative Midwest investor. What I see in my market is FOMO activity. Not experienced investor activity. I'd pull equity if you want to buy another deal, but don't leverage to the moon. Find a safe medium.