Wife and I don't know if we should buy now or wait and save cash.

[Joseph Bennett]

We have $20k in savings, we make about $80k a year before taxes, we have done a ton of research, have great credit, we are pre-approved. If we buy a property in St. Petersburg Florida where we live, it will cost basically all of our savings with the down payment and closing costs. We want to buy a duplex, tri or quad. Duplexes are running between $220-$270k and triplexes between $320k-$380k. Should we just take the plunge and take action or wait another year and save up more reserves. We are saving about $2k a month. We have been renting for 4 years and don't want to waste anymore money but maybe we should wait one more year for emergency funds.