Sell or rent in Jacksonville fl
What up BP! I just bought a vacant lot and am building a house which I will be moving into in 4 months. Need to decide to either sell my current home and use the equity to purchase other rentals or keep it as a rental. My goals are to build a rental portfolio however this will be my first deals so any advice will be helpful.
Current home value $400k
Amount owed $333k (28years left)
PITI $2000/month
Will rent for $2500
No major repairs needed. I'm thinking new a/c in about 3-5 years, new roof in maybe 10years. Electric and plumbing are updated with no issues.
Do these numbers make sense to hold or should I be looking to use the equity to purchase other properties?
Cheers!