When to know you are financially ready for another property
I'm a small real estate investor that has 15 units. Our past BRRRRs have been financed by a HELOC on our primary home. It has been working out well but it only allows us to do 1 BRRRR at a time. So I recently met a Hard Money lender and have 2 BRRRR projects going right now. One financed by our HELOC and the other by a hard money loan. Everything is going fine. A little over budget in both money and time, but nothing crazy.
What I'm trying to figure out is what metric should I be measuring or what financial position should I be looking at to determine if I can take on another project. The hard money lender is more than willing to fund another deal with me and I have found a property that meets all of my criteria. I'm just concerned of financially over extending myself. Do any of you have anything specific in regards to your finances that you look at to say "Yes, I'm ready for another acquisition" or "I need to wait"? And a reminder, I'm still pretty small. Looking forward to your responses.