Cash out refinance to expand portfolio

[Nate Barbee]

Hello BP, I'm cash flowing 3 rental units, owner occupant of 1. Just ran the numbers with my mortgage company to cash out refi up to 75% in order to round up capital for next investment. Numbers are listed below, let me know what you think or if I could be more efficient during my first Refi. This would eliminate PMI from FHA loan, but interest rate will increase significantly. CURRENT LOAN Single Family Home Value: $130,000 Principal amount: $73,300 Term: 30 Year Fixed Current Rate: 3.75% FHA Monthly PMI: $83 Mortgage: $779/month (all costs included) Rental Income: $1,175 REFINANCE LOAN Loan amount: $97,500 (75% of equity) Closing costs/fees: $3,900 Cash back at closing: $20,300 Interest Rate: 4.875 Conventional Financing Mortgage: $790 (all costs included) Rental Income: $1,175 Regards, Nate Barbee