Should I sell my only rental home to get the capital to invest?
I’ve been binge listening to the podcast for about a month, almost have heard all episodes by now but I am still figuring out how to start my journey. Sorry if this question has been asked, I looked all over the forums and blogs before posting!
I have one rental home currently, it cash flows $360/month and is a house in great shape. It was the first home I bought at 23 years old. I eventually bought a second home to move into and began renting my first home.
Fast forward 6 years from purchasing the first home, and my real estate agent agrees with my market analysis, I can sell the house for an $80k profit. I do not have to pay capital gains if I sell within the next 2 years.
My goal is to own 10 rentals in order to make a passive income to allow for a more comfortable life style/earlier retirement. Unless I want to liquidate my retirement or TSP I do not have the capital to invest in another home. My question is, do I sell this home to gain capital in order to invest into "cheaper" rentals and attempt to BRRRR? Or do I enjoy my slow cash flow on this home and slowly keep saving to invest in my next property?
Thanks for any insight, I’ve weighed the pros and cons of each side and feel they are equal so an outside opinion would be great!