Investing or Paying off Existing Mortgage in Todays Market!

[Steven Scott]

My info: Primary residence is a Triplex bought at $320000 in 2011, current est $465000. Rent collected for 2 units $2300. Mortgage, insurance, taxes, & water = $2000 a month.

My initial plan: Buy a triplex or quad every 2-3 years.  Build income & get rich slow. lol.

My Dilemma: I have feverishly been working 3 jobs saving and looking for a new property for the past 2 years in the just outside Los Angeles city areas. Prices are skyrocketing! I mean, the places I recently looked at are lower end neighborhoods are $550000 with foundation and roof damage, where the rents would barely cover the mortgage, these would be investment only properties. The ones I really like, or would move into as well as be an investment, are $850000 to >1mil. 1. These are just out of, or are completely out of my price range.  2. Sometimes the financials on the more expensive ones wont break even and are in the Red!. Even My property I currently own, would barely make a profit if bought in today's market.

My Question: I've built up a significant down payment to buy a place up to $650000, but am starting to tire and be discouraged looking at the crap being offered. I could pay off around 3/4ths of my existing mortgage, but the investment seems to be doing fine the way it is. 

What wold be the better option? And what do you think is happening or will happen with today's market? Should the better option be to wait, build a larger down payment & see if prices fall?