Buy 1 outright or finance 2 or 3?
Hello everyone - newbie here with one property in ownership, a so-far/so-good performing double. Cash flowing at ~$200/month/unit.
Have $30K in cash and want to make the next deal or set of deals. We all have goals and my goal is acceleration to 40 units in 5 years, each unit producing roughly the numbers above. In my market, doubles can be had for $50K and will produce after everything but income taxes (PITI, PM, vacancy, etc etc) ~$200/unit/month. For this next move - I am looking at a decent 33K property that will get $1000/month in rents as a potential outright cash purchase - or - using the $30K as down payments to purchase 2 or 3, 30-50K properties using conventional financing (provided my DTI ratios are within margins at that point to get mortgages 2 through ??)
Thoughts/comments/advice? Thanks!