Renting out the first property and buying a second

[Victor Eng]

BP,

I recently maxed out my leverage (my PITI is 42% of my gross income) in order to purchase my first owner occupied property (I put down <20%). I am planning to purchase a second property in a few months using the same financing (<20% down) and then rent out my current property to cover all of the first property's PITI. Has anyone successfully executed this strategy? My concern is that no lender is going to lend me until I get my first property rented out. It's a catch 22 as I cannot rent it out until I buy/rent another place.

What should I do?