Step 2 Troubles in getting my next rental property

[Jameson Waltz]

Feeling a bit lost. I bought my first rental property (with a mortgage) almost 2 years ago. I profit about 135/mo. So not much. I don't know how to get property number 2. My market is now officially too expenisve to be apart of. I have 180k to pay off the rental. so essentially 28 years. is there a strategy to get number 2? With the rental and my  home, and I would have to be making much much more money to get qualified for another loan, on the other hand, I could sell my rental and use the money to purchase in full somewhere more affordable. Advice is much needed.

[Nikhil Agarwal]

It sounds like your property might have appreciated a decent bit. If you were to cash-out refinance your property, would it be sufficient for a down payment on property 2? Also, you don't need to rely on your own income to get a loan. There are lenders who will underwrite the loan based on the income potential of the property itself. You can look for lenders providing such loans instead of looking at traditional mortgages.