Next Move. Rental Property #3 & 4

[Karl Hudson]

Looking for some advice with my next move. I would like to purchase two more rental properties this year. I currently own two, which are both generating a nice profit after expenses. One is in Florida, which is already paid off, no mortgage! The other, in Brooklyn, NY which carries a small mortgage. 

While I've owned two rental properties for some time now, I certainly do not claim to know everything, which is why I am here. So here is what I'd like to do. Take a mortgage/loan out against the rental I have in Florida which again is currently paid off. I believe I can take up to 70% of the value for an investment property, correct? With that 70% cash out I would be able to make a 20% downpayment on two other homes in that same area. 

Certainly open to any opinions and or advice on the plan mentioned above. My next thought is financing, which raises one concern regarding my credit. End of November my score was in the low 700's. However after charging an entire vacation on my Discover card to earn points my credit ratio shot up giving me a score around 677. I have the funds in my bank account to bring my cc balance back down to 25 - 30% credit usage. However, I know a lump sum payment won't bring my score back up immediately. I believe you then have to make a few consistent payments at that lower credit ratio for it to go back up. All that to say, to get the financing I need, mortgage/loan against the FL rental and a pre-approval for the next property, do I need to go in with my score at 700 or higher for an investment property? Or am I able to get the ball rolling with my current score? 

Any advice would be much appreciated. Totally open to hearing any alternative strategies as well. Thanks! 

KH