2nd property is just as difficult as the first

[Karen Sanderson]

Newbie with one rental property under our belt. Was rented before we even finished the rehab (yay). Now trying to fund a 2nd property and wanted to use the 1st as "collateral" using the equity in it. Not talking high dollars here... House is in a C area, appraises at less than 50K. Would like to purchase another property or two to rehab. Two banks in our area wont do equity on investment property and I don't have enough equity in my primary property to use. If I save the profit of this rental, it will be almost a year before I can purchase another property... Who knew the 2nd would be as tough as the first. (fyi... we are buying these properties outright.. no mortgages..) 1st one bought at 14, put 10 in... appraises at 48 - I'm okay with those numbers. Not sure there is a question in this... just needed to vent a bit. 

Thanks all,

Karen