Home equity loan? Buying another property

[Landrin Lewien]

Hello everyone, I’m 22 years old and I own 1 rental property that is pretty major cash flow. I struck gold on a house in a college town. The home cost 153k and I put a 30k down payment. My payment is around 650 a month and I’m receiving 1725 in rent each month! I’ve only owned the house for around 4 months and have had tenants in for 2.

My question is how fast can I buy another property, I’ve hear of home equity loans, are they a good idea? I put a good chunk of change on the down payment. But I can’t just turn around and get a home equity loan can I?

Also I found a little 1 bed 1 bath house for sale in my home town for 45k and I was pretty interested in buying it for a rental, I’d only need 9k for a 20% down payment, can I use equity from my current rental to go towards a down payment on a new one?