How Can I Purchase My Third Rental Property?

[Jay Red]

Three years ago I purchased my first investment property with an FHA loan buying a property in Newark, NJ for $375,000. I put 3.5% down on the 3-family property and owner occupied one unit with the other two rented out, only to fully rent out all three after the first year. Currently , it is cash flowing about $1500 per month. Each unit is a 3BR , 1Bth apartment each renting for $1500 per month which I've been told lately I should be getting perhaps closer to $1800 a month after a few minor upgrades.

My second property I purchased was a 2-family 5 BR , 2BTH home in East Orange NJ bought for $240,000. I purchased the property with a Fannie Mae loan putting down 5%. I purchased the property fully occupied since I wanted to immediately cash flow. I’m grossing $900 a month here considering there are no repair expenses (which I’ve been quite fortunate so far).

A little background information about myself: I’m currently 29 years old and have a full-time job. Managed to save up the money I had at the time living at home working full-time to buy these properties. I currently have about $30K left in savings. My goal is to make as much money with my rentals as I do working full-time and ultimately exceed.

Here’s where I need help;

I've been told already I wouldn't be able to purchase another rental investment property unless I'd put down 20-30 percent. Are there any other creative investment strategies out there to get into another property? I've thought about Hard Money , I've thought about buying an investment property with a friend and funding the FHA down payment in exchange for using their qualifications and credit. I've looked into cash out refinancing but I don't have enough equity yet in either property. I've even thought about purchasing out of state so I can get another FHA property but this one is a little far fetched. And lastly, I've thought about taking out a personal loan to fund a down payment since I have a very good credit score.

All comments/recommendations are welcome and if anyone has been in this situation before, please share your experience. Thank you everyone in advance!