Question about what I should do with my first Rental in Denver!

[Emanuel Caldera]

Hello Everyone, I am wanting to get some insight as to what others would do in my situation. 

I have a home that I own in the Denver area and currently have about 250k in equity after paying the agent fees. In todays market even. I know that will go down eventually if homes are staying on the market longer and as rates slightly rise. So worst case scenario I am thinking would be I walk away with 200k and lose out on the $350 it is currently cash flowing monthly or should I pocket the 200k and look into getting other properties either here in Colorado or possibly out of state? I want to grow my real estate portfolio just don't know what I should do next.

Thanks for reading and helping out!

[James Dainard]

Quote from @Emanuel Caldera:

Hello Everyone, I am wanting to get some insight as to what others would do in my situation. 

I have a home that I own in the Denver area and currently have about 250k in equity after paying the agent fees. In todays market even. I know that will go down eventually if homes are staying on the market longer and as rates slightly rise. So worst case scenario I am thinking would be I walk away with 200k and lose out on the $350 it is currently cash flowing monthly or should I pocket the 200k and look into getting other properties either here in Colorado or possibly out of state? I want to grow my real estate portfolio just don't know what I should do next.

Thanks for reading and helping out!

Hey Emanuel,
If you're able to hold on to the property and continue to cashflow you should keep it. You can access the equity in the deal by getting a HELOC for now or a cash out refi once rates normalize a bit.
If you analyze some deals and realize that you can get a better return on your equity somewhere else you can 1031 it into that as well.

If you're looking to grow your portfolio you want to either keep it for growth or trade up using 1031s where possible.

Best of luck!