What should be my next move? Expert advice needed!

[Chris Schlamp]

Hi everyone,

I'll begin by telling you where we're currently at. Currently we have 4 properties (including our personal residence). our first rental was a 3 bedroom single family home. We used the equity from that to purchase a 2 bedroom condo 3 years later, and last year we used equity from both properties to purchase a condo in Puerto Vallarta, Mexico. To rent out. (We had to pay cash for the Mexico property).

Last year we had to do $14,000 of maintenance work to our rental house and this year, we renovated our condo, including a new kitchen for 12,000. We still had some outstanding debt from putting a new roof and deck on our rental house and used some of our line of credit for our Mexico purchase. So we ended up refinancing our personal residence to pay off all the renos and outstanding debt.

So now we are stuck at what our next move should be. Even though we own a condo in Mexico outright, we're unable to use any of that equity. Our two rental properties don't have enough equity left to take out, and we don't want to take anymore  equity out of our personal residence. All three properties are in a postive cash flow situation 

Ok experts, what would you do in our situation? Is joint ventures our only option?