Guys I'm like super horned up for this cash out refinance thing kitn taught me about
I'm pretty horned up now, too. I bought some multifamily in early 2018. After having a bunch of repairs made, I refinanced it and got all of my personal money back. So basically they became "free".
Due to the magic of a hot market with falling interest rates (at least lower than when I did the last refinance), I'm refinancing again. I'll be able to pull out about 20% more than my last loan amount and keep my payment (and cashflow) the same.
So I should maintain the same profitability with more cash to reinvest. The downside to doing this is commercial loans have balloon payments. This one has one in 5 years. If property values drop too much, I would risk being unable to refinance again unless I bring more cash to the table.