To rent or to sell??
Hey guys,
I currently own a rental property I live in, and will be moving to Florida in the near future. At that time I will transition into a full time flipper, and accrue rentals along the way. My current predicament is weather I should sell or rent my property.
Property info:
4 bed 4 bath
1,700 Sq ft
9 miles north of Denver Colorado
150,000 in Equity
.45 acers
corner lot
mortgage is 1,150 per month
would rent for 2,100-2,400 per month
Holding and renting real estate can provide a great opportunity for cash flow, however being in another state has me worried about issues that could arise. Also if I dont sell I wont be able to get all the equity out of the property. If I were to rent the home out, what would be the best way to take some equity out of the house, a home equity line of credit or refinance?
This decision is a crutial one for me as it could set me up to succeed, or it could be a huge hindrance. Any insite would be greatly appriciated. If I havent provided enough information please let me know and I would be happy to give you the necessary information.