Advice for renting or selling my first home

[LeLina Brown]

Hi there! Excited to be here. New to the platform and just beginning my real estate journey. Incredibly eager to learn. Nine months ago I purchased my very first house. Initially to be my home, but after tipping my toe in the BP world, my mindset has shifted. Ideally, my goal is to rent my house out within a year-ish (time allowed for improvements and to build up cash reserves), and move into a duplex or multifamily using 3.5% down payment. My predicament is this… I moved into a location that is not highly desirable; the crime rate is getting better, but it’s still a concern amongst the local community. I’m 5 minutes away from downtown, and haven’t had any issues since being here. I was able to purchase the house at a decent price. I’m trying to make the best use of my year, and am wondering if I should put in a few nicer upgrades and sell, using the profit as a down payment on a better property in a better neighborhood? Or make the house tenant proof and rent out for the next 5-10 years? All of this is so new to me, and while it’s guaranteed that I’ll make mistakes, I’d like to take as many precautions as to not make a major one that will set me back years. Any insight into my situation is greatly appreciated. 🙏🏼

[Bo Smith]

Location matters but cash flow matters more. Run the rent vs your PITI + repairs - if it's $200+ monthly even with higher vacancy for the area, holding beats selling and restarting. What's potential rent vs your total payment?