Looking for advice on current rental properties
First post on BP.
I am looking for advice on my current situation. I have two rental SFH properties in the downtown Denver area. Both properties have leases coming up in the Fall of 19'. The properties will have been rented for 5yrs and the other 2yrs. The 2yr property was my primary residence before turning it to a rental. According to estimates/taxes the value on each property is in the 650k range. Which means we have around 350k in equity on each property. Currently each property cashflows around 1k a month plus $500 in equity monthly. I am thinking of selling one of the properties (the 2yr rental to avoid capital gains) to realize the 350k and then scale up 2-3 properties a year until I can reach 10k a month in cash flow from buy and holds. The Denver market is very overpriced so would be looking at other markets to invest in. Possibly the Raleigh, NC area.
I am very new to this and am looking for advice on how to scale my operation. Suggestions? Advice?