Cash out refi advice

[Nneka Keshi]

I am a buy and hold investor and have just been saving up my 25% down payment and purchasing. However it has become harder to find a good deal in this market. So I decided to look into refi to get a lower rate.

My properties have appreciated quite a bit and I now qualify to take out an amount that will amount to the cash I put in for 2 of my investment properties, however my monthly payment will go up on the one property but it will still cashflow just much lower maybe $150 cashflow.

So I am thinking should I pull the funds out and keep it ready to be able to buy a new property in case something comes up, taking the money out effectively makes my cash on cash infinity like the Brrrr strategy but downside is it will reduce my cashflow. Or do I keep my cashflow as is and just continue to save up the down payment which takes a while and may miss some deals because I don’t have the downpayment available.

appreciate the feedback