Whether that came from earlier deals refinancing out of bridge to roll to long-term debt or if it was for acquisitions, I don’t have data to answer.To your question about competing against high IRRs when raising capital—you are right.  

And FYI not everyone is going for the 10 year fixed period, some people are saying "I'd love it fixed for only 3 years, I think rates are going to be drop, and it'd be great if my rate dropped automagically without refinancing." 

If you refinanced the same 400k with no PPP at 5% that would be a payment of 2147, or a savings of 514 a month.

The cash-out refi necessarily means thousands of dollars in additional expenses - likely setting you back further than you went forward in mortgage pay down during the same time period if refinancing in 1-2 years - but hopefully earning more equity in the meantime (fingers crossed).  

There is not a wait requirement for simply refinancing what you owe to get a lower rate or term.

Refinancing: With your current high-interest mortgage, refinancing could potentially free up cash flow for other investments or allow you to invest more in your taxable brokerage account.5.

Some lenders will work with any level of investor experience, credit scores as low as 660 and can close in as little as 10 days (there are loan options for 640-660 credit scores- they require 20% down).Another good thing is interest only and 6-24 month loan terms- you can refinance by selling or refinancing to a long term DSCR rental property loan at any time once you complete the rehab. 

Typically Credit Unions are good sources of capital for Lines of credit but when it comes to refinancing there seems to be quite a bit of red tape.You want to work with a broker who essentially has the entire mortgage industry in the palm of their hand and can put you into the product best suited to meet your needs.

They are refinancing  in 1-4 years and reinvesting in the next property.  

Are you refinancing or purchasing?