Is this a stupid idea?
The big question: Should I rent my primary residence, or should I sell it after a few years and use the money to then purchase investment properties?
Here is my situation: Just built my primary residence (3bed, 2bath) in 2016 in Noblesville, Indiana. The area is growing rapidly, I would consider it a B+ neighborhood with around 7-8% appreciation annually the past few years. I owe 151k on the loan, and the home is valued at 162k. This is the only property I own. Its also important to know that I just had a bankruptcy discharge in December 2017 which is going to make it more difficult for me to get financing moving forward. Im not sure what the best strategy is and I am very open to all suggestions.
Thought is to rent out the current property but I would only cash flow about $85/month. I could potentially get a HELOC 2-3 years from now and use that to purchase the next property but thats if I could get approved.
I appreciate any suggestions or opinions here.