What should my next step be?

[Vy Mai]

Hello everyone,

So it still feel so unreal that we just closed our first income property. I think it won't hit me until I got the rental pay on Jan 1, 2016.  Of course we got paid first, last and security from the sellers  (now tenants) at the closing day. But I think it will be more real once we receive the pay on our own, without the attorney and real estate agent involved.

We took out home equity loan from my primary residence. $55,000 and put in 20%, $44,900 to purchase a $224,500 single house property.

Now I wonder what is our next step should be

1. Refinance our primary residence from a 15 yrs loan to 30yrs loan so we can free up and save $ to buy another house in a better area for our kids to go to school.

2. Take home equity loan from the rental property to buy another primary residence in 3 more yrs.

3. Take home equity loan from the rental property to buy another rental property. Is this even possible?

Are there other creative options out there?

Thanks!