Where do I go from here?

[Andrew Brown]

Hello,

I recently bought my first house in southern California last month for $208,000 and at the time another model home (upgraded) went for $225k. I am currently finishing up repairs on the place but I did the following thus far:

1. New Carpet

2. Remodeled 1 bathroom w/ new tub, floor, vanity, fixtures etc.

3. Matching quartz countertops in both bathrooms plus kitchen.

4. Going to install new laminate flooring on the first floor.

At completion, my value will rise to $250 going into the summer months. There is a 2 Bed / 2 Bath currently for sale in the neighborhood for $222,000.

My current mortgage is $1,346.97 @ 4% 30- year fixed.

"Options"

1. Cash out refi - use the equity as downpayment for another investment property w/ 20% down either in state or out of state...OR towards another owner-occupied residence where I can put 3.5-5% down after I satisfy my owner-occupancy.

2. Rent it after a year and save until I have enough for a DP and buy a multiplex where I can use current rents towards my loan.

3. Any thing I might have missed?