I have the bug! And no cash near Nashville. Your advice?

[Luke Carl]

My story. 36 years old. "Full time" job with lots of free time. I have it very good with my day job and it pays decent. Not quite 6 figures. Wife has entry level job she's 28 and just got her MBA. No student debt. 

Bought my first SFH in April. Closing on a vacation rental in two weeks. Looking to get in to another SFH or possibly a duplex sooner than later.

I'm great at finding deals. (SFH is 1600 sq feet 3-3 renting for 1450. Purchase price was 122k. I did my research and got lucky. I'm doing all the management and maintenance. It's cost me some carpet and a coat of paint which I did myself except for the carpet install. Very smooth so far).

Currently closing on a VRBO I expect to cash flow $800-1000 per month right out of the gate and $1500 once it gets into the groove and a few small repairs. 

I was able to pull those down payments out off thin air basically. My calculations are telling me it's going to be another 11-12 months before I have 25k for a down payment on a 125 SFH. I don't want to wait that long. I can't wait that long. (a 1400 sq ft B/B minus 3-2 in my area can be had for 125k. I live north of Nashville).

I listen to the podcast constantly and I'm reading books as fast as I can read them rich dad). I'm soaking all the info up like a sponge and my wife is in to it also. She has a masters degree in marketing and a great head on her shoulders. 

I here the "Dad" word very often on the podcast and we're taught to not think of it as a bad word but it's simply not an option for me. 

So.... The way I see it here are my choices. 

Save for 12 months and put every penny into the next one with no emergency fund other than my 401K and equity. 

Seller Financing

Line of Credit 

Wait for a rich family member to die (I don't have one of those) 

At this point my DTI Is still pretty decent and they would probably give me personally, at least one more property until the 2 years worth of W2s come in, but I want to take this thing to the next level. Soon.

The SFH is in my wife's name and our permanent residence and the vacation rental are in my name. Got the vacation rental for 10% down. Permanent is on an FHA, planning to refinance as soon as I close on the vacation rental. It has about 50k in equity.

What's my next step? What's my best bet for getting in to my next property? Do I walk in to banks and sit down and explain my story? How do I find seller financing? (Finishing up BP #92 right now with Brandon that's helping). 

Help me paint the next chapter of my investment career! 

Thanks!!!!