Buy now before interest rates go up?

[Jack B.]

I have three properties, one paid in cash and two with mortgages. I still qualify for 2 more conventional mortgages which I am hoping to use before rates go up.

At first I was having trouble finding decent properties with cash flow, but then I decided to focus on Tacoma, WA where one of my rentals is and prices are still low enough to make a profit for the time and risk invested.

One thing that concerns me is that rising interest rates will put a damper on the economy, pulling housing prices back down. This of course would be an advantage to me if I were still paying cash for houses, but I've since discovered the benefits of using leverage, as such, any pull back in prices will hurt my net worth temporarily. I'm more concerned with cash flow, though I buy with an eye to appreciation as well.

I've done well so far, buying over the past five years my rentals are profitable, and have doubled in value. I want to keep doing what's working, but am worried that once rates go up housing prices will come back down. According to an article on Forbes where they looked at historical records, when interest rates rose, housing prices actually went up as well, at least in most cases.

What would you do?