1st Rental bought....advice for 2nd Rental?

[Silas B.]

Hi all!

We just purchased our first out of state rental home late last year, a 3 bed 2 bath, in Alabama, and did  conventional loan and 20% down. House was in decent shape but needed some work which I did all myself (painting, counters, hardware, etc). We are right about in the 1% rule. We got a great property manager and first tenant just moved in. So far so good!

My question, with interest rates probably going to rise, and home prices seem to keep going up, should I purchase sooner then later? Or wait till a slow time (fall or winter) to purchase the 2nd one? I am out of state so that complicates things slightly too. 

Thanks!