Keep rental and purchase primary residence?

[Amy Teresa Woehling]

Hi all!

Strange turn of events, now I'm left with a tenant in the only property I own while I'm currently living somewhere else (rent free! but time running out) and I need to decide if I should:

OPTION A. Renew tenants' lease this spring and BUY a new primary residence, which would provide me with a place to live however greatly delay plans for future investment properties.

OPTION B. Non-renew tenant's lease and spend some money to turn current property into my primary residence and THEN begin my investment portfolio.

Thank you for any help or advice!

[Nathan Gesner]

Quote from @Amy Teresa Woehling:

If the investment is working, don't sell it. I only recommend selling when you know you can invest the money into a better-performing property or something that moves you closer to your goals.

Consider house hacking. Buy something you can live in while renting out the other rooms or units. When you move, turn it into a complete rental. This could be a 5bed/3bath house all the way up to a fourplex.