First Rental Closed and Value-Added — What’s the Smart Next Step?

[Val Na]

I closed on my first rental two weeks ago and I’m currently in the process of leasing it. I purchased the property for $165K and it appraised at $171K at the time of purchase, so I was able to buy it under market.

Right after closing, I added a half bath using existing plumbing and added a wall to convert an open space into a private bedroom. The property is now rent-ready and will be held long term.

Now that I’ve forced some appreciation early on, I’m trying to figure out the smartest move toward buying property number two. Should I focus on seasoning and refinancing down the line, saving for the next down payment, or something else?

Appreciate any insight from those who’ve been here before.