New and need advice!

[Robert Khabbaz]

Hello all,

I'm new to the site, and been listening to the podcasts for the last few days.  I need advice on my next step in investing.

A little background on myself, I currently live in MI and work as a real estate agent.  I'm in my second year working as an agent, I do alright but am in no way getting rich.  Growing up my dad did quite a bit of real estate investing so I have been around the business all my life. I currently have one rental property that I paid for in cash, that I have rented out and is doing quite well.  I want to make more moves, but not exactly sure which route to go.  My wife works a steady job with a W-2.  Im self employed working as an agent during the week and a DJ on the weekends.  We just bought a primary home for ourselves using her income.  We have some money saved up that I'm getting antsy to invest before we spend it!

Some of the options I have been contemplating:

-keep saving and buy the next property for cash. (which may take longer than I like and may miss a few good deals along the way)

-Refi my current rental and reinvest that money to the next property. 

-Try and get approved for conventional financing. (which I'm assuming will be tough given my current situation. Being an agent and working solely off commission doesn't help when getting a loan, and with my wife's recent purchase of our primary home, her DTI may be too high.)

-Find a partner/s to go in on the next property with.  

Looking for the best option on what to do here. We both have excellent credit scores 700+.  Hopefully you guys have some suggestions.  Love the site and can't wait to keep reading the forums and listening to all the podcasts. 

Rob-

[Rosston Smith]

Refinance and use that to leverage your capital.

Don't buy properties cash.

Live frugally and between you and your spouse you both can accomplish great things.