Next steps advice?

[Kristi Pratt]

My husband and I own a profitable condo we rent out short to mid-term, while living in a single-family home we plan to convert to a long-term rental. We live in a low cost of living college town. We have $60k set aside for a new home down payment. Our combined annual income is $150k, with somewhat limited potential for salary growth. We're unsure of our next steps.

We would like to buy another home, live in it for a few years then eventually rent it out as well.

Should we wait for lower interest rates or consider a cash-out refinance.. or maybe something else? Any advice would be appreciated as we're new to real estate. Thanks!

[Bryce Jamison]

I'm a huge fan of your plan. If I had to do it all over again, I'd buy a primary residence with 3-5% down, maybe house hack, then buy a new primary every time I've saved up enough for a new down payment leaving the former primary as a rental.

There's no telling when interest rates will come down. I've always believed time in the market beats timing the market. I would also recommend keeping a big, beefy emergency fund.