Accessing money for next deal

[Jonathan Lyford]

Thanks in advance for all your collective wisdom! So, I've been looking into real estate for a while now, and just recently moved and turned my old place into a rental as a way to get started in real estate investing. Its only been 1 month, but I definitely think I'm hooked! I'm already thinking about how to do my next deal, and I'm trying to figure out what the best way is to access money for a down payment. option 1) I have about 100k in equity in my first rental. I could refinance it and take money out. the problem is it wont really cash flow much with a new 30yr mortgage on it. Option 2) Take out a HELOC for a down payment on a new place. the downside of that is I have about 7yrs left on a 15 year mortgage currently, so I'm getting a ton of mortgage paydown every month, but its not currently cash flowing. So, if I took out a HELOC, it would be more in the negative on monthly cash flow. Option 3) Is there a way to access my 401k without paying a ton of penalties? Option 4) Sell the current place. I'm not really super interested in this option, because I feel like a will lose money in closing costs on selling and then buying another place, and, since I'm so new at this - and this is an easy place to manage - I feel like it is good "training wheels" towards becoming better and being a landlord in the future. What would you do? any other ideas I'm missing? Thanks in advance, Jon