Sell my only Rental?

[Jaromy Emery]

I have one side of a duplex that I rent out. I used to live there personally until I moved to a single family home about a year ago. My problem is that I have some debt that is making my financial situation very tight from month to month even with the rental income. Debt includes student loans, a HELOC, some credit card debt, etc. If I sell my property, I could get out from under most of my debt fairly quickly, but I would no longer have any investment properties. I also don't know when I would be able to have the financial flexibility of acquiring any in the near future. What would you all do? I think I have three options:

1) Sell my only investment property to pay off the majority of my personal debts and start over

2) Keep my property and continue to rent it out and pay down the debt over several years

3) Look at acquiring an additional property to help with cash flow

Thoughts???

[Geordy Rostad]

@Jaromy Emery

Have you considered moving out of your single family house and renting something way cheaper and then renting out your house too?

I think I would be pretty hesitant to let that rental property go.

Can you refi it and get enough money at a cheaper interest rate to pay anything down (and let someone else pay it back)?

How about house hacking? Can you rent out a room or two and really juice your monthly income to start knocking those bills down?

Before you go and sell that rental, you should read Financial Freedom by Grant Sabatier. It might be just the thing you need right now. 

Selling your rental would be a huge step backwards IMO unless it was not cash flowing.