Where should I save my money before I invest in a property?

[Michael Lee Gundersen]

Hi Fellow Members!

This is my first post and my first month of being on BiggerPockets and I am so excited about all of the things I've learned from all of the podcasts, forum posts and blogs I've read so far. I am SOLD on this mindset and am trying to absorb as much information as I can before pushing forward into the decision-making time of buying my first rental property. My wife and I currently have about $10,000 in liquid savings, $20,000 in stocks, $130,000 in 401K and about $40-50K in equity in our only home, our current residence. We have the capacity to save around $4,000 a month or so from my paychecks and want to begin saving as much as possible for a future down payment on our first property. With this savings growing quickly, where should we keep our savings to get some kind of a return in the meantime while I crunch numbers, read books and absorb as much as I can before making that first decision? We're currently doubling our mortgage payment, should we stop? Thank you so much in advance for any advice any of you can offer!