Re-finance my (2) 2-families or save to buy my 3rd multifamily?

[Michael Smith]

This is my first post to Bigger Pockets, however, been following for a while. My market is Albany, NY.

You can make pretty staggering net profits in this area. My biggest question now is wait another couple years and buy a third/fourth property or re-finance this summer one or both of my two families pulling out cash?

Here are my real numbers- both properties cost about the same amount in the same area and put the same amount down. These revenue #s do not include general fixing/upkeep.

Bought the property for 89,500. Put 25% down payment= $22,375 down payment. Out the door to close all day was about 28,000-the fees and etc.

Current market value if I sold today: 120,000.

Since owing it for the last 2 ½ years the principal is down to 64,174.61.

Interest rate is: 4.750

Total monthly payment is: 348.20 a month (principal & interest)

Taxes: approximately $4,000 a year (city and school) or $333.33 a month

Water: Approx. $60 a month

Insurance: Approx. $100 a month

Rents- Apartment #1- $935 a month

#2- $1,000 a month

(1,935 a month total)

Debt each month is $891.

Income each month is $1,935.

Net profit = $1,044 a month

What should I do? Or in other words-Pull out the 25,000 give or take I invested in each and put that into another building- or wait and do it slower not re-financing. I am 39 years old.

Thanks.

-mike