Cash Out Refi or wait

[Vince Nguyen]

Hello everyone, First time post here. I wanted to see if it made sense to do a cash-out refi to use the cash to purchase a rental property and purhaps using the BRRRR method. My current rate is 3.85 and now my lender is saying it's at 6.5% as of today. I would be able to cash out 200K to be able to put into my next project or a few using that for down payments. But my current mortgage that I'm doing the cash out refi will be double of what I'm paying now. I'm paying around 1200/ month and it's been around 10 yrs in. My new mortgage will be 2475 and I'm getting rent now at 2725. I will also have to pay for some expenses like water and trash so it won't leave me much room for cash flow as I would now on that property. But it will also allow me to purchase more properties with the cash out. I can also wait for it to lower but then I'm afraid it might not for a long time and I will me missing out on some properties. Thanks in advance.