Refinancing kills cash flow?

[Megan Collins]

Hello! I am new to investing and I currently have one SFR that cashflows about $350/mo and has substantial equity (around $100,000). I am trying to figure out how to fund my next investment purchase, but when I run the numbers for calculating a refi to pull out even just $40,000 of my equity, my cash flow seems to entirely disappear. I feel like I am missing something here... how can I have so much equity and not be able to access it when this is supposedly *the* method? The lender I talked to quoted me 4.5% for 25 years for an investment property.

Thanks in advance for any insight or info!

Megan