Can you have two loans at ones?

[Ana Franchi]

Good morning everyone! Please don’t judge too harshly if I don’t make any sense, just really need a financial advise.

I just got pre-approved for my first mortgage loan for $280-300k. I’m looking to buy in North Carolina - Raleigh, Cary or Wilmington area, i work remotely.

And I’m stuck with making the right decision. So I got the loan for a primary residence. And my goal is to convert that property into a rental in a year or two and buy a second property to make it a rental as well. The thing is, I have enough money saved for TWO down payments (to be more clear, I have $130k saved.)

So my question is, can I have two loans at the same time if I’ve got money saved for two down payments? Because I’m not sure if it’s even possible.

And If I can have two loans, should I then, maybe, for my first property look for something smaller and I not spend the whole loan amount that I got pre-approved for, and maybe, for instance look for something closer to $200-220, like a small house, an apartment or a townhouse/condo. Would that give me more chances to get a second loan and buy another small house, apartment, or condo/townhouse and make it a rental property?

Thank you everyone tremendously for any advice and assistance! And happy new year you guys!

Please Lee me know if i should provide more info.