Needing Advice on getting cash for purchase

[Kevin Douglas]

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

[Andrew Postell]

@Kevin Douglas if your strategy is to buy and hold I would strongly suggest to have a solution in place that would offer stability at very little risk to you.  My recommendation would be a cash out loan on your investment property.  You would be limited to 75% of the value but the rate would be fixed and it would not change.  You could reliably forecast your mortgage payments and what price points and cash flow you would need to be profitable on your next properties.  Feel free to ask more questions but I hope this helps!