Should I sell my condo for cash to invest elsewhere?
I have a rental condo that was my primary residence until last year. I'm just beginning my real estate investing journey and looking to purchase a multi-family to live in when my wife and I move to Detroit in a few months, or purchase a single family that we will turn into a rental in a couple of years. We have cash to make that happen, but it would deplete those reserves. I'm wondering if it makes sense to sell the condo or hang on to it, when the goal is to have rental properties anyway.
Rent covers the mortgage (which is a 20-year) and all other monthly expenses. I have about $90K equity in it. It's a pretty durable property with very little maintenance but with monthly association dues that will undoubtedly increase with time.
My wife and I would like to eventually own 5 - 10 rental properties. So, should I keep one I have, or get out and use the money elsewhere? What other questions do I need to ask?