Bought my first rental, how can I buy another

[Ethan Board]

Hello all, I’m brand new to all of this. Just closed on a duplex and living in one side and renting another. I had someone borrow me 20k for a down payment on a 100k property and paid them back with equity I had by selling my house.

So I have an 80k conventional loan and was wondering if there was any way, without borrowing from a family member, to get another loan for about the same? I don't have much to put down on the down payment yet, so I couldn't come up with the 20% needed to get a conventional loan with out PMI. Any tips or suggestions?

I have my eye on another duplex that just came on the market that I would be renting both sides and am trying to figure out the best route. Thanks!!

[Frank Wong]

Hi Ethan,

Time to focus your energy on increasing your personal income and saving for your next property. A common mistake I always see with investors is trying to find ways to buy properties when they don't have any money to invest with. 

It's simple.  Increase your income save and buy a rental.  Run out of money?  Well, save and buy and when you have enough.  Just keep repeating this process.