Refinance & pull cash out to buy?

[Jesse Richardson]

Hey BP,

I have two properties paid off in NJ. I'd like to keep buying in this particular market, because I have a great deal going with my agent and they cash flow well.

My question is, do I keep them paid off, and collect straight cashflow, with a lower ROI, or do I refinance, pull out the cash ($120,000 each), which is about 25-30% of the value.

With that cash, I could buy 6 more. With rates being very low, it would be nice to capitalize on this opportunity.

Thank you for your input!

Jesse