New Investor... ACQUISITION ANXIETY

[Ivan Mares]

Hi everyone I'm needing some advice! I'm closing on my first rental property on 8/30/2017. It wasn't the best deal by any means but it cash flows about $150 a month after mortgage, taxes, insurance, management (although it will be self managed), and setting aside for expenses. I have used up ALL of my cash in the down payment. Here's the issue. I have run across another property that will meet the 2% rule after rehab. It has to be a cash buy. I'm scared to death to acquire a second property before I even have a tenant in my first property and with no cash reserves. Should I find a hard money lender/HELOC my personal residence to purchase it or am I moving too fast for a beginner and need to build up my "Oh ****" fund or should I go for it. I'm also slightly unsure about what my refinancing options are locally. I have 2 loans to my name, my credit has dropped to a 700 but my debt to income is still fairly good. I'll be calling around and doing research. On that note I'm located in south eastern New Mexico but the properties are in my hometown where my parents live in central/east Texas near Waco, if anyone has any leads for financing in the area please share them with me.