Looking to Buy Second Rental

[Michael Macaluso]

Hey everyone!

First of all, I wanted to say thank you to everyone on this forum. You all have been a great resource for helping me buy my first rental. 
I’m in a position now where I am looking to add to my portfolio, and acquire another rental property. 
Here’s a little information about my first deal:

        I had saved up around 60k and found a property for 130k. I ended up doing a traditional fha loan and put 3.5% down. I then invested 35k of my own cash into the property. The property is now worth 185-190k. After closing costs and renovations, I have around 20k in my bank account. The rent is 1800 a month and costs me around 1300. 

Moving forward, I would like to find another deal like this. I’m looking at properties around the same price range in the same area. 

My question is, how should I go about financing my next deal? This first deal cost me around 47k. Only having 20k in the bank isn’t going to cover that. 

I’ve been thinking about delayed financing. Where I’d find a private lender and then get a mortgage later down the line to pay them back.

I’ve also thought about building more equity in the first deal and refinancing later down the road.

Does anyone have any ideas that I’m missing? Please let me know!

And as always, thank you!