Trying to figure out best way to get into 2nd property

[James Hamilton]

Hello all, now that I have my first property finished and rented (as of 7/1/23), I am itching to get into my next one but not sure the best avenue to take. 

Here's what I have:

- $3K left over from rehab that will serve as "reserves"...(I know it's not much! Rehab went over a little bit...but I'll save up some more $$$ as I'm cash flowing around $300 per month)

- Have a primary residence with approximately $80K in equity

- $40K in a 401K 

I am really wanting to get 5 SFHs under my belt before moving into multi-family, but if the right deal comes along I may jump on it. I mainly need to figure out my source of funding first though. 

The way I see it now, I have a couple options:

- Complete a BRRRR and refinance, pulling my equity out (wouldn't be an option until next March, which is why I'm considering other options)

- Take a 401K loan for a down payment 

- Consider a HELOC from my primary residence

Maybe I should just be patient, but I have caught the RE bug and want to keep moving! Any suggestions or do I need to provide more information to get any advice? Just a rookie asking the pros here at BP!

Thanks all,

James