Financing an additional property or paying down a current property
Good Morning BP! I have a question that I've been playing over in my mind in many ways, my question is I have 1 property with a long-term tenant that in July will renew our contract for two years. I have 20% in cash saved that I would like to use for a 2nd property, but I'm wondering if I should A.) use the 20% saved to reduce the 1st properties mortgage or B.) use that money to purchase a second property?
Any help/direction is greatly appreciated!