To Cash Out or Not to Cash Out?

[Dan Sturge]

I’ve purchased and remodeled a small single family for a total of $50k that now rents for $875.  Monthly carrying costs are $160 for property manager, taxes, and insurance.

Should I just relax and take my time or take a mortgage out on the property to go eat another?  I can get a 15 year mortgage at 4.25 from my local credit union.  I’m stuck between wanting to be debt free and scratching this itch to get more properties.

Please help!