Real estate Newbie with a question

[Vic Velazquez]

So I purchased a house 2 bedroom 1 bath about 1 year ago I have very little money I was wondering if it would be a good idea to have an appraiser future project what the house will be worth if I add a master bedroom if it would be worth it I would get a personal loan and have a contractor make that master bedroom then refinance and remove my mortgage insurance and then rent out the property at a higher rate than it would have been at a two bedroom one bath take the refinanced money and use it as a down payment on my next property and pay off my personal loan does this sound like a good idea or am I way off base what are your thoughts?