Rent it or sell it advice
I currently own 2 homes. We built a new house last year and moved into it in December, 2016.
We did not sell our original home and rented (for cost) it to a friend that was down on her luck.
She is moving out and I cannot decide if I want to sell to get the cash out of it or rent it.
I currently owe approx $9,000 and my monthly payment is only $700.00/month ($2400/year in insurance, $1200/year in taxes & $200/year in HOA). Houses similar to mine are renting for $1500 to $1600 and are renting as soon as they become available. I could sell it for approx $210,000.
I do have a $130,000 line of credit on the house and have access to all of it. My wife and I have strong credit scores.
My long term goal is to buy other rental properties for future mail box money.
Should I keep this house or sell it?