To rent or to sell, that is the question.
Ok... so I've been reading posts on BP for the last few months and am interested in creating passive income. We are at a point where we are considering moving for personal/family related reasons. We are wondering if it would be best to sell this home or use this home as our first rental. We currently have a HELOC on this home and assume that we will need to get a mortgage on the next home. I would love any advice you may have.
Specs:
- Single family home 5 bed/3 bath, .25 acres in a suburban neighborhood. There are other homes that are being rented in the area. Looking at other similar homes the rent goes for around $1800 - $2000/month.
- Estimated home worth $240,000 - $250,000
- HELOC payoff is $185,000
- $27,000 in available equity
Any advice is welcome. Thanks!