Advice for 2nd rental property purchase
I purchased a duplex 2 years ago for 20% down / $560k on a 10 year arm at 2.45%. 432k still owed on the home. Mortgage payment is $2500 per month. Unit 1 generates $2300 per month. I live in unit 2 but it could easily generate $1800-2000 a month. Duplex will appraise around $650k.
I've got my eye on a 2nd duplex thats $540k that will garner $4k a month in rent. Ive got perfect credit but only have $40k that I could take out of pocket right now.
Would love to get some suggestions on how to make the next move here. Im a noob to this.