Leverage vs. Paying Off Properties to Grow Your Portfolio

[Michael Bracewell]

Good afternoon everyone, 

I am a new real estate investor in the Milledgeville, Ga area with one single family residence in my portfolio while also owning my separate primary residence. My rental property was initially bought free and clear, but in July of this year I refinanced to pay off my primary residence because of the appreciation value that my home had basically equaled what I invested in my first property. I am wondering going forward, should I look at maybe refinancing my primary residence in order to add to my rental property portfolio or if I should save enough for a 20% down payment before purchasing my next property? 

Obviously, I have read and studied the mixed opinions on paying off each property or leveraging your equity to grow your monthly cash flow, and I definitely see advantages too both strategies. If you were in my shoes what would you do in this situation? 

Thank you for your time!