Taking my cash or using equity
I currently have 5 properties that are valued at 320,000 and currently owe 160,000. Up until now each of these have been on a separate 15 year note with 3 year periods of fixed interest. We have been using our own savings to make 25% down payments and so far have invested 80,000 which means we have about $80,000 in profit or equity not purchased. I have found a bank that will refinance all of the properties on a 20 year fixed note for a similar interest rate. I have the ability to finance 80% of the total value leaving me cash to purchase more properties or I can just refinance what I owe and use the equity for down payments on future properties. Seems like if I take the cash I will be paying interest on it while I am waiting to find new properties. Is there a reason to take the cash out and have it on hand vs just sing equity as down payments?
Thanks