Sell or Keep my rental property?
Hey guys I need some help here. I own a rental property in Camino, California. I want some help here to see what you guys think, if I should sell my current rental and buy other with the money I would get or if I should keep it. Let me give you some numbers.
I owe 118k on the property. I just had it appraised last week at 189k. My payment monthly, which includes all taxes and insurance is $870.01. This house was completely renovated before I bought it. All new electrical, plumbing, Sheetrock, floors, roof, appliances, counters, cabinets and basically everything you can think of, so I basically have 0 monthly maintenance on it. The home is a 2 bed, 1 bath and also has a loft. I currently rent it for $1,200/month. I will probably raise rent to $1,250 after the current lease is up. What do you guys think? Should I sell and put that $70k in equity into two other houses? Or is this rental fairly well cash flowing? This is my first rental so I'm not super experienced. If I sold, I would have enough money to do 20% down on two other houses that I could use as rentals. Hope to get some good feedback from you experts out there. Thanks!