Starting out: Do I Sell?

[Mimi Perez]

Hello all,

I am not yet an investor, but have been listening to podcast for months trying to best determine how I can start the process. My goal is small. I would like to be able to own a multi family unit (4units or less) where I can live in one of the units. I am 52yo, a full time nurse and will not be leaving my job, but I would like to decrease the amount of hours I work.

My dilemma: I currently own my own home (I owe about $165,000). I wanted to start by house hacking but (1) I am not allowed due to strict HOA rules and (2) my city isn't as desired as the next city over. I can sell for $100,000 more than what I paid.

The city I would like to purchase rental property in is more expensive than where I currently live. So, I thought I should sell, take the profits and put into high interest account, rent a room for myself for about $1100 per month with all utilities included and that way I can save additional funds for a year.

I'm torn because people say "don't sell... houses are going to keep going up". I have a great interest rate at 2.64%. The area I own is growing. But my taxes, CDD, and HOA total are about $6000/year. I can't rent the whole house because my subdivision has reached it's rental capacity, but I can get my name on the list.

Any advice would be greatly appreciated.

Thank you!!