The next move - What to do?

[Ian C.]

Hello BP Forum'ers,

I haven't posted in a while -- but wanted everyone's take on a fairly common question, but with the uniqueness of my actual numbers, figures and situation

Goal -- grow passive income quickly through buy and holds -- my market is Upstate NY and I presently own 7 units total spread over 3 properties (2 doubles and one 3 unit) Initial goal was to acquire 8 units/year x 5 years all netting (before income taxes, but after my debt service payments and all other expenses) $200-250/month/unit so around 10K and month in "passive" income from 40 units. I commenced in Dec 2013. So far, so good. I do have my properties managed.

I use a combination of "rollover" rental income (basically taking any net income and plowing back into the next purchase, snowballing maybe?) and existing cash reserves from a part-time position I have, to fund my purchases. I do not do, at least not yet, no or little money down ventures......although maybe I should look closer into that.....(and read the recent blog entry on the subject!!!)

I have around 20K right now to use towards the next purchase. I have a portfolio lender and no # of mortgage limitations. Just looking for some takes here ---

Option 1) I have a potential deal for a 4 unit grossing 2200/month in B area with B+ property. Would exhaust 20K on this one, and increase net per month profit by about 1K to roughly 2500-3000/month net for my entire portfolio.

Option 2) I have two separate doubles as an option (on in 40s, one in 60s) B to B- areas and B to B- properties, both would net $500-600/month. Could buy one or the other or both.

Option 3) I have been scouting a "larger" (for me) play at 10+ unit apartment buildings. Thought would be use combo of 20K and private/family loan $$ to get into a larger property, cash flowing at some economies/cap rates as my current props and accelerating cash flow. This is of most interest, but with the 'newness" of this type of deal for me, I have some trepidation. 

Option 4) Wait a little while longer 3-6 months, build some more down payment $$ and look to make a move then....

Option 5) something different entirely?

Back to goals -- quicker acceleration of cash flow is probably my overarching goal.  Thanks for feedback!