Pay off existing loan, or acquire additional properties?

[Amber Rhea]

Hi everyone,

I'm a new investor, finally pursuing a lifelong dream. I purchased my first investment property earlier this year, for $50,000. I put 20% down, so the loan was for $40,000. 

My husband and I are about to sell our primary residence and move, and we'll make a pretty sizable profit from the sale of our house. I want to use some of the money to help grow my business. I've considered two options: pay off the loan on my investment property, therefore increasing my monthly income; or put the money toward a down payment on one or two other properties. I can see pros and cons either way. I want to balance the amount of debt I carry without being "over-leveraged," and not throwing away too much of my own money. 

I'm curious to hear what approach other investors think is most favorable. Thanks!