I have a rental property with about 120k in equity. I owe about 80k with only 7 yrs till payoff. I am earning just over 800/month off principal balance and cash flowing approximately $300/month.
My question is would it be beneficial to do a cash out refinance and reinvest into more properties or ride out till property is paid off and collect residual income?
It depends on your goals! Do you want to own more units? If so, do you have any way of generating funds other than by refinancing this property?
Debt is still historically cheap, and it looks like it's only getting cheaper moving forward. Just a few things to consider.