Should I refinance?

[Nate Valentine]

I currently own 2 rental properties. I am currently 36 and have a goal of cash flowing 8k/m by age 40 thru acquisition of more rental properties. I am thinking of refinancing property #1 to a 30 year loan and increase cash flow. Then take the cash and buy 2 more properties. Does this sound like a good approach at this juncture?

Property #1

Estimated value 230k

Owe 90k

Rents for 1600/m

15 yr loan

Cash flow apprx $150/m

Property #2

Estimated value 215k

Owe 130k

Rents for 1525/m

30 yr loan

Cash flow apprx... 600/m