Needing Advice on getting cash for purchase
Hello all, i am new to the investing world and new to BiggerPockets. Im 35, married with a 1.5 yr old with another due in August and I live in Charleston SC and wanted to give my scenario and get some advice on what to do: I owe 230k on my primary residence thats appraises at $350k. I also own a rental valued at about $80k (paid off) that rents for $1200 per month. Im looking to buy another property between 80k and 140k but i only have $20k in the bank (that i can spend). my wife and i make about 200k a yr combined so ill have more cash coming in monthly. i put back about 800 a month to add to my stash.
My strategy for now is to buy and hold and build some cash to buy more properties. id like to buy about 2 a year for the next several years. Looking for properties with a 10% cap rate minimum.
What would you do to get cash if you wanted to buy another property within the next 6 months (cash offer)??? Thanks for the advice