What’s next? How do I prepare for next purchase?

[Sheena Lee]

This year was big for us. We refinanced our primary home, pulled out all the equity, bought a new house for ourselves, and rented the first one out. Then we bought a triplex in November. I’m the property manager and enjoying the steep learning curve. The ultimate goal is to work for myself managing our properties. I have a medical condition that will cause me to leave my day job eventually.

Although not ready to buy yet, I want to get to work preparing for the next property. Basically I need to get our triplex self-sufficient, get cash flow up a bit, and save $ for the next property.

What’s the ideal step for that next property though, hopefully in 2-3 years time? Save money from personal income? Refinance and pull out equity from somewhere? Our primary residence could be renovated and re-fi. I already know the market I would be looking in for the next buy. Just need to prep financially. Any good ideas/suggestions?