Cash out refi into higher rates?

[Greg Seivert]

David Greene answered a question on the podcast and I want to ask about everyone's personal experience with this.  Like many investors now, I have equity in properties with interest rates under 3%.  Should I cash out refi to a 5%+ rate to reinvest the equity?  The current cash flow gets squeezed a bit in order to go for more appreciation and cash flow from additional properties.  David Greene says go for it.  What do you say?