Excellent credit & income but no down payment fit second home

[John Taboada]

Hello everyone I’m John. I have a multi family house hacked in New Jersey ( value 500k / loan 320k ) monthly profit $2,000 . I have a condo in Houston ( paid off value 50k ) monthly profit $500 a month. I live in a apartment in Orlando,FL with roommates to save on money $500 month. I recently paid off all my debt minus my home loan in NJ which left me with around 10k in the bank. I work for the airlines 110k salary a year. My credit score is 780. I want to buy another property in the Houston area to rent but in short on cash at the moment. Are there any other options for me so I can buy now instead of waiting while I save up again ? I’m currently saving around 3k a month.

[Jonathan Greene]

What's the rush? It boggles my mind how so many people turn to quick leverage. You literally have spent your whole life to get to this point, the one where your only debt is on a cashflowing property, this is great. Stick with this instead of going backward. Take your time and save, especially since you are living with roommates to do this, and wait until you have enough to safely enter a next property without tapping into anything yet. You have good cashflowing properties, don't fall into the trap of scaling and doors when you would have to take on leverage to do it. Leverage is fine, but when you are rushing to do it, it's a problem.