Would selling the home or renting the home be a wise decision????

[Michael O.]

Hi everyone! I am new to the bigger pockets family and first time investor! I'm curious about the bigger pockets families opinions on if I'm going about this goal correctly, or if anyone has any other suggestions. The goal is to use real estate to get out of debt, which is $175,746, and to free up cash for future investing and raise the credit scores! My wife and I are apart of an HOA, Home Owners Association, and the fee is $222 with a mortgage of $849. This is a single floor unit that includes 2 bedrooms, 2 full baths, washer, dryer, dishwasher, refrigerator, stove, garbage disposal and 2 car tandem garage. We currently have the property for sale at $157,400! I feel as though I want to rent the property out for $1600! The comps in the area for renting was between $1400-1600 for units similar to my own. My wife wants to sell to get rid of the place and I want to rent to reinvest the profit back into real estate to get more properties in the future, while using our jobs to pay off larger amounts of debt. My long term goal is to have properties so that I may retire early. Based on this info am I on the right path as far as investing? I appreciate all of the opinions of those who took the time to read this and thanks a lot!