Refinancing Under Value

[Alex Simon]

Question. I have a four-plex that I pretty much stole, and that I currently own in cash. I paid $200,000 for the asset, invested about $50,000 on the rehab, and was able to take the rents from $2,000/Month to $3,600/month. I want to use the BRRRR strategy on it and think it will appraise for between $350,000 and $400,000, if not much more. My question is, what are your opinions on refinancing for less than the appraised value. Should I max out what they will lend me so I can invest as much as possible in the next multi-family asset, or should I be conservative and just take out what is needed for the initial amount of capital that is required for the next deal. Thought?