Seeking Advice for Buying Second Home

[Brendan Johnson]

Hi Everyone - nice to meet y'all. 

My wife and I bought about 14 months ago. 

We purchased a 2 family property for $360,000 with an assessed value of $419,000 using an FHA - We rent out one unit for $2250 and live in the other one. Our mortgage is $2650. When we buy the next unit - we will be able to rent ours out for $1500. We will potentially take in $3750 a month on this property and will have about $3000 in expenses.

After the first 14 months the loan is down to around $352,000 - I am correct in thinking I have a 17% LTV? (or maybe the inverse)

With all that being said - I am looking for the best way to proceed in financing the next property. I could probably access around $10,000 in cash by December. I have a retirement account worth $70,000 - but I would have to leave my job to touch that. 

Can anyone offer me any advice, direction or support on a new property path or thoughts on the one I currently own. 

Thanks.  

[Michael Cohen]

confirming @Steven D. is spot on.