Just bought my first home for my family. Would like to buy another as a rental. Help?

[Lotfi Limouni]

Hi all,

This is my first post here. I've listened to about 40% of the podcasts. I'm going into settlement in a month for a new home we will be living in. However, when I called my current landlord to give her the 30 day notice to move out, we got to talking about the property i rent now and she's looking to sell it privately. She wants to sell this  Bedroom house for 110k. total Mortgage payment would be about $900/mo and it can easily rent out for $1,250/mo. I lived in this house for a year and know it has no issues. I would love to buy this house from her but I'm not sure how to go about this. Should I contact the bank I am getting the mortgage for my new home through and ask for more money to purchase this house? What would you do?

PS: I'm 25 years old and employed as an engineer and my wife is a stay at home mom. I make about 65k/mo. and the mortgage for the new house I will be moving to is 1,200/mo.

Thanks y'all!