What's the next best step?

[Nathan Adams]

I am a pretty new real estate Investor in Columbus Ohio. My first investment is multi-family 8 unit that pulls in $3400 per month. After expenses it cash flows $1400 per month. I bought the property for $200,000 and currently owe $160,000. I'm ready to take the next step in investing but just looking for a little advice. One option I've thought of is to do a cash out refi. This would get me around $80k to work with for downpayment and remodel as required for one and maybe 2 properties but I'm not sure that this is the best option? Both my income and my spouse's are likely considered not sufficient to the bank (even though this is not the case), and I'm worried that I will not be able to secure both the refi and a new loan. Any suggestions?