Strategies for $70K in equity.

[Nico Doss]

Looking for ideas on how to leverage $70K from a cash refi.

I am considering a cash-out refi ($70K) on one of my rental properties.  The mortgage would be about the same.  The current mortgage is ~$611, and the new mortgage would be ~$600.  The interest rate would be reduced from 6.67% to ~3%. 

Current rent: $1300/mo - 

Current expenses: $1091/mo (mortgage (P&I + taxes + ins), prop mgmt, HOA, and maint). =

Current cashflow: $209

The future state essentially the same except for CASH in my pocket.

Background--

I have 4 rental properties that consist of SF and condos, three in Dallas-Fort Worth, and one in New Jersey. I do not have a mortgage on one of the condos, and it is NOT the one I want to refi. I will use a first position HELOC strategy on that one.

My goal (similar to so many others):

1.  Start investing in multi-family, focusing on 4-plexes right now unless someone wants to partner with me on a larger project.  

2.  I prefer properties that need some cosmetic repair (value add) and C property in A/B neighborhoods.  

I am open to learning about new markets.  

With the above in mind +$70K...

1.  What areas would you consider?

2.  What else should I take into consideration?