About to have refi cash available - best/highest use of funds?

[Brent Kubitschek]

Hi all,

I'm approaching refi window for several investments in my portfolio. I've been accelerating the paydown schedules and a cash-out refi on the equity buildup for each should be doable. My question is about the next step: I can obviously use the refi cash proceeds as downpayment for new investments, but if I'm looking to snowball my current portfolio's cash flow, what's the best way to go? I'm trying to figure out an apples-to-apples way to compare my options.

• payoff and retire loans(s) with the smallest balance? Then apply that cashflow toward another loan paydown?
• payoff loan with highest balance & use property for HELOC?
• Compare loan balance to appraisal value, and payoff loan w/ greatest difference?
• focus on loans w/ highest interest rate?
• focus on loans w/ longest amortization basis?

Any other ideas, or some ratio of interest%--loan-bal--amortization that would be applicable here?