To cash out refinance or no ?

[Nick Loukas]

Hey guys, I’m still very fresh at this. Purchased my first deal about a year ago sfh in Bethlehem Pa. Purchased for 96k and currently owe 70k. Rent is 1370 and I converted the garage into 3 units where I rent out the other 2 units for 100 a piece. So overall I’m happy with my first deal, and I’m learning a lot while minimizing mistakes. Question is, I’m wondering if it would be smart to get the house appraised again (did about 5k rehab) since properties in this area are now selling for 120k and no garages. Another incentive is lowering my rate from 4.6% to current rates. Anyway, the point would be to release some cash for deal number 2. Is this feasible? I know I’m missing something. Thanks guys, always appreciate your expertise and experience.