Assessing the Value of a Cash Out Refi

[Ryan H.]

I need a little help thinking through the value of refinancing.  Let's say I have 50% equity in one of my rental properties, and I have desirable financing on that property (30-year fixed @ 2.75%).   If I do a cash out refinance I can use that money to invest in another rental, but I'd be losing the current financing and be stuck with a higher interest rate.  How do I assess whether this is worth doing?