2nd BRRRR in New Jersey

[Benjamin Haberman]

BP community,

Just received appraisal back on my 2nd Brrrr. House appraised for $150,000. We are all in for $60,000.

Simple question. What would you do? A or B?

A. Cash out refi my all in cost ($60,000) and cash flow more per month

B. Cash out refi 75% of the ARV ($112,500) and cash flow less per month (vs just taking out what we have in). This would give us more cash to make next move with.

I understand that both A and B are solid answers, but curious to see what the majority of BP would do.

Thanks in advance!!!!!