Rental Property Investment Advice
Hi everyone!
When I was 15, I inherited a house from my grandfather that he paid cash for years ago, and has been rented for the last 6 years. I've saved up a pretty good cash flow, since I have no mortgage, little expenses and the taxes are relatively low. It rents at $950 and has the potential to be rented for $1000+
I recently got into a discussion with my bank manager, who told me that he had 17 houses, and went into a long story about how the first house is always the hardest to get under your belt.
If I were to purchase a second property, and potentially a third/fourth down the road, I would need to borrow funds from a lender, since I couldn't cash another one out. I've read about some type of "snowball" technique that involves using the cash flow to pay off the mortgage quickly, and then buying another house, etc.
I was just looking for advice/insights on how I would accomplish the acquisition of a second/third property, when just starting out from someone who has experience in multiple rentals?