Payoff Primary Home or Use Money to Buy Properties??

[Victor P.]

Wanted to float some thoughts with you all, 

My home is currently valued at $220k, originally purchased for $155k fifteen years ago.

I have enough cash on hand to pay off the remaining mortgage of $120k and have a paid off home to either live in or rent out.   

Is it better to pay off my home and then apply for a loan on another home?

Or take the money and use it toward down payments on several properties? 

First option leaves me with a paid off home and a slow start on acquiring properties. 

Second option puts me in more debt for a bit but a quicker start on acquiring properties. 

Thoughts??

Thanks, 

Vic