buy another or wait?

[Joe Boggin]

i closed on my first rental. tenant pays 700 a month and i have no mortgage. i would like to build a rental portfolio and i think i can secure the resources to get into another property before i head to the garden...

i can wait 6 months and tap into the equity with my rental. that would keep the most money in my pocket but would require months of waiting and months of rental income lost in the matrix.

i can try to scoop something up with cash but i can only buy something cheap which means cheap rental and probably need repairs...but i wouldnt have a mortgage.

i can find a small time lender (under 50k) where i can put down 20% and mortgage the rest. i know a 30 year note would kill me in interest but the margin between my rental and debt service would enable me to amass more properties with the cash flow im generating...