Cash out re-fi what now?

[Zachary Dalton]

I completed a cash out re-fi on my primary residence. It took almost 8 months (appraiser problems)  but I came away with a lot of equity. I live in Northeast TN and am looking for advice on where to go now. I am looking for multi family to buy. 

The market where I'm at (and assuming everywhere) is super competitive right now. Deals go very fast and I'm wondering what steps a "seasoned" investor would take if they were in my shoes. I was hoping to be purchasing 3/4-plexes for under 200k initially but this past year property values in my area went up about 40%. I'm running the numbers and coming up with average or below average deals. I guess my primary question would be.. 

1. Pay the premium to get in the game.

2. Wait and see if the market cools off. 

3. your answer here! 

Thanks in advance, you guys are awesome!