First time Newbie rental question.
I live in the northeast and want to rent out my house after I relocate down south in the spring time. My house has been appraised at about 319k. I owe 65k. Market rental rate for my house is about 2400 a month.
After paying off the mortgage with the positive cash flow I have the potential for some serious cash flow. This will be my introduction into the real estate business. After relocating I also intend to buy a rental property thus having 2 properties going.
But here is my dilemma! I am emotionally involved in my current house because of my neighbors. I am very concerned with putting renters in here that my neighbors will not be happy with. I want to maintain the integrity of our block. We have all lived next to each other for decades and look out for each other.
My question is......should I just sell and give up a great cash flow? Am I being too nice? How would you guys handle this?