My story & 10 homes on conventional mortgage . Best way to 11th?

[Hema Dasarathy]

My Journey as an Investor:  
I started investing in buy and hold properties in May of 2014. Triggered by the loss of my 80 year old mother early that year,  a lady with very minimum formal education- she had managed to bring up her 5 kids, provided for their college education and instilled them with a high values.

Coping with the loss of her passing, I wondered , what had made her hold her head high and never ask anyone for monetary help even after we were adults and earning well. Our dad had passed away when she was 48 years old and she had to rely only on herself.
I realized her secret- she had diligently invested in RE in India over a period of time, whatever money she could save. These had appreciated over the years. She sold small parcels as big expenses had come up during our growing years, never asking anyone for help.

I am a Realtor by profession and had NOT, till then,  invested in even one home other than our primary.

A feeling that if mom could do it, without an education, knowing simple maths, what is holding me back. There are always going to be unknowns.

Today, what started in May of 2014, I hold with my husband 10 homes, each making very decent income.

Discovered BP in 2017 and realized there are so many of us on the same path and there is so much collective experience  and wisdom here! 

It is true: When the student is ready, the teacher will appear.

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My goal this year is to buy two more investment homes.

Here is my dilemma and am reaching out to you all for help.

All of these 10 mortgaged properties are on conventional loans. Reached the max of 10 and have to go with some form of creative financing to increase my buy and hold numbers.

Two of these are up soon for refi. Both have appreciated well and I can cash out refinance to get a 60K out of each, ( 30 years fixed at 4.9%). They were financed at 3.25% and 3.5% ARM earlier)

Trying to work a couple of scenarios here:

1. Cash out both and go with a private money lender to buy the 11th/12th. ( 6%-6.5% interest rate with PML)

2. Pay one down and refinance the other and buy the 11th investment with a conventional loan. ( don't have enough liquid cash to pay down both) ( conventional at 4.8% 30 years fixed)

Objective: Peace of mind that one is paid down and we can snowball all income from it to paydown another.

3. Keep the refinance, cash-out refi independent of the buying the #11th. Buy 11th with pvt. money lender.

What would you do in such a scenario?

Does anyone paydown the investment home even when there is a lot of equity built into it and not cash out refi?

Any words of wisdom from your experience is highly appreciated.

My Risk Tolerance level is on a scale of 1-10 at about 6.5 :) Husbands is 4.5%. :) Never worked with any other mortgage other than conventional fannie/ freddie.

And so hesitate..

Thanks much for reading through.