First rental about ready, how do I get to #2?

[Blake Baker]

I was fortunate to find myself in a situation where we could turn our family home into a rental. The repairs are done and we just put it on the rental market through a PM. I'm thrilled! After paying Mortgage, Taxes, PM and Cash reserve, it still cash flows. This pleases me greatly:)

Naturally my mind has shifted to the future. Even with a strong profit from a single property it would take a ridiculously long time to save money for a down payment and cash reserve for a 2nd rental. I'd imagine all personal savings would have to chip in as well, but the timeline is still daunting. There has to be a way to accelerate things.

Is leveraging my current rental the easiest option to get into a 2nd property in less than 5 years? Or is there another creative way to save up without extending myself too far?

[Steve Vaughan]

I got started with a Heloc on my primary + a scorched earth budget.

I'd obtain a Heloc prior to moving out.  Mine only costed about $300 all-in and is there if I need it.

Getting a LOC on a rental is very difficult. Get it while still primary if possible.

Side question- why get a PM to manage a house you know well in your backyard?  1st year cost will be close to 18% of gross rents!