Cash out to Reinvest?

[Alex Sabio]

I bought a home in Durham, NC in 2006 for 130K. It is 2018 and the house is currently appraising for 190K and I owe 80K with 18 years left at 4.5% interest. The property has been great, same tenant for 12 + years and cash flowing about $300/ month. My goal when I bought the house was to be a buy and hold investor, with the goal to pay off the mortgage. But, I see an opportunity. I was thinking of refinancing and cashing as much money out and going back to 30 years. I would use that money to buy more properties and have more cash flow. I’m leaning towards cashing money out and reinvesting, any thoughts or suggestions? Alex Sabio