Advice needed on buying my second property!

[Chirag Shah]

Hey All,

I recently purchased a duplex that I am house hacking in Austin, TX. So far, it's been a good decision in that I've been able to learn landlord basics, how to do a cosmetic rehab, and live extremely cheaply. When I move out, I'll be cash flowing approx $200/unit. I utilized conventional financing at 20% down. 

For some more context: I've been immersed on BP forums, podcasts, and books and am eager to acquire another property in central TX or near my hometown in FL. I've established my goals/business plan and have decided to begin with residential multi family (2-4) units, then move on to small multifamily. My numbers might be completely off (and this will likely be worth another discussion), but I need roughly 120 units, to cashflow an average of $150/mo to earn $220k annually. My time horizon is 13 years. 

All this said, I wanted to pose the question of how I should move onto my 2nd property as soon as I can. 

I think I only have a few options, but want to know if theres more I'm simply not considering due to inexperience.

 1. Save until I can comfortably acquire another property in CTX or OOS. Looking at residential multifamily, I'd need roughly $50k for a decent investment at 25% down. I would wait for 1-1.5 yrs or longer.

2. Save until I find another duplex to house hack in Austin, TX. Austin is booming and prices are outrageous, but I could consider an FHA to get into residential multifamily at $350-400k at 5% down. I would wait for 6-9 mos. to acquire with this and consider duplexes to triplexes.

3. Apply for heloc at 4.75% as my property received a tax appraisal of roughly $40k higher than my market price. Assuming this is untapped equity, I could take it at 80% LTV, and get $28k for down payment. Coupled with 12-15k in savings I could acquire again within 3-4 mos.

Are these my main options, what am I missing? Is this a good perspective on my strategies? Are there other strategies? 

On a side note, I am a W-2 employee. 

Thanks for your help, BP members. I look forward to hearing your thoughts.