Should I buy another rental or recast my primary homes mortgage?

[Kevin H.]

I am almost done with doing a cash out re-fi with one of my rental properties, (closing 8/2/2021). I will be receiving a significant of money that would allow me to invest in another rental property or I could do a recast and lower my monthly mortgage payment. Each has pros and cons. I am leaning towards buying another rental, however lowering my primary mortgage increases cash flow as well and paying off your home is an accomplishment, that brings peace of mind. I can not payoff my mortgage with this money, but can put a nice dent into it, which would love my monthly payment by $400-$500 a month. I would love people’s thoughts and opinions, as I feel there is no wrong answer. I do feel that buying another rental is more beneficial in the long run as real estate usually continues to increase in value and so do rents. While mortgage payments stay the same.