Thanks for the feedback!I do believe that buying a second...

Thanks for the feedback!

I do believe that buying a second property is the best option for me, even though I'm probably not the wealthy type around here.

A little about my position, I bought my first place last year and shortly after a rather unique rental opportunity came up, putting us in a much nicer place for $150 per week.. We got renters into our first place and they're covering the mortgage in it's entirety, with a surplus of $400ish a month.

We don't have stacks of cash in savings, but we both have full time permanent jobs and no debt besides the house (no credit cards etc) and very little in the way of expenses.. The only reason we don't have savings is we have done a lot of holidaying recently, before we decided to get serious in regards to buying another place.

I had thought the bank was screwing me, saying I would have to pay mortgage insurance on the amount of both loans combined despite having already paid it on the first one, but I didn't know how to politely ask "Wouldn't it be in my best interest to go with another bank where it it is only charged on the new loan, then?" incase it was a stupid question...