Pay off PMI on first house vs Save for Rental Downpayment?

[Aditya Kohli]

Hey all, I just closed on my first house with downpayment < 20% and hence I have a PMI on my loan. I have a monthly PMI of ~140$ per month. My next goal is to have a rental property in next 2 years and I was wondering that should I pay off my PMI first with extra payments (estimated time 3 years ) or use those extra payments to save/ low-risk recurring investment to be used for a downpayment of a rental property ?

PS : My mortgage rate is relatively low and renting out part of the house gives me flexibility to have some extra money