Renting Out My Pad

[Joseph Platyan]

Hey group, I've been lurking on the forum for a while and always appreciate the advice that's given on here. I believe this is my first post and I'm curious to find out if my particular situation is a good way to start out in real estate investing. I purchased a condo a bit over a year ago in Philadelphia as a single bachelor. Over time I've become serious with someone and we're thinking about buying a place together in the suburbs next year. I don't want to sell my condo so I am thinking about renting it out. Here are a few questions.. 1) How would I go about buying another home, a decent amount of savings were put into this condo, will a bank allow me to pull equity out of my condo? 2) Is this a good way to start a real estate portfolio? 3) Would renting out the condo based off this info be a good move... Built in 2013, two bedroom, bi-level, parking, and patio. Mortgage $1171 (I assume this would go up if I pull equity out), HOA $125, $0 property taxes for the next 7 years, rent in my area for something like his would be about $1800. Thanks! - Joe