sell my house or Rent it out

[Reginald Glover]

I would like to get into a duplex to start investing.

I currently have a house that I live in 3 bed 2-1/2 bath and a bonus room atop a 2 car garage. Its 1700 sq. ft. and sits on .25 acre. Any way I am wanting to grab a duplex so that I can start in the multi-family business.

Should I sell the current house I'm in and not have to worry about dealing with two payments so early in the game? Or would I loose out on extra income from not just renting it out and taking the chance?

Thanks,

Reginald

[John Semanchuk]

Well just for quick calculation sake, lets assume you can get at least what you paid for it. If you sell it for that, and consider seller's expenses, will you have a sizeable nest egg to work with?

My other thought is that if you're only home 4 months of the year you might do well to find a housemate situation. Even if it's in the home you're in now. A compatible housemate (I know, there are potential pitfalls there) might not be too hard to find, would bring in income and maybe even as much as you would get from your first investment property. It might lower your insurance rate too.

Are you home 4 consecutive months of the year or back and forth a lot?