Help me analyze this refinance please

[Roger Pearce]

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Should we cash-out refinance this house we bought in Atlanta for cash last year? We want to start doing BRRRRs. A 70% LTV would give us 5.1% COC ROI but we are currently making 6.5% COC ROI with no loan. At the time we bought it we weren't focused on BRRRR but you live and learn!

We have other cash we can use instead and would value some good advice whether we should cashout refi our current house or just leave it as is and use our cash for now.

Thanks a lot,

Roger.