How often can you get a loan on investment property

[Ralph Ace]

I bought a small one bedroom/one bath condo with tenant in suburbs of Chicago. 

All I have to do is collect the rent every month.  

I got a regular conventional 30 year fixed loan with 25% downpayment with 6.99% rate.

Can I purchase another condo with the same loan setup right away or need to wait x amount of time?

[Robin Simon]

Quote from @Ralph Ace:

I bought a small one bedroom/one bath condo with tenant in suburbs of Chicago. 

All I have to do is collect the rent every month.  

I got a regular conventional 30 year fixed loan with 25% downpayment with 6.99% rate.

Can I purchase another condo with the same loan setup right away or need to wait x amount of time?

The speed on getting another conventional loan is, like some of the other commentators have said, based on your overall DTI and then eventually on conventional caps for investment properties (10 at most). However, if you still qualify this is typically the best route. My general advice is that when you are ready to start "scaling" your portfolio, i.e. about 5 or so properties, then switching to DSCR Loans (which don't take into account limits or DTI) makes the most sense, but that can be earlier if you cap out or don't qualify for conventional or it takes too long (can happen if you are not W-2 and full time real estate agent for example)