When to buy a second rental property?

[Kyle Haines]

Hi all!

So im heavily debating on getting a second unit but am unsure of my capabilities to. I own a single family house that only profits about $80 a month after my mortgage and such, but I have roughly 40k in equity. I was wondering if it would be a good idea to take out a second loan (or use the equity on the first one) to buy a multifamily. I do not plan on moving into one of the units and am not sure if I even have enough to start the process. Any insight on the jump would be helpful.

Thanks!

-Kyle