Sell rental to purchase more?

[James Black]

I have a rental property that used to be a primary residence that I have been renting for 6 years. I could probably get between 460k-480k for the property and owe 309K. It has a CoCROI of 0.89% and a monthly cash flow of $100. 

I really want to start generating some monthly cash flow but am not sure if I should hold this property and get a hard money loan or sell it and use the "profits" to purchase more rentals. I have profits in quotes because I have approximately 270K in it (20% down payment + reno + mortgage payments for time I lived there).

[Joe Villeneuve]

Yes, yes...and (what's the word I'm looking for here....?)...YES.  You have a OVER $100k buried in the floorboards in this house...wasting "its" time.  As a return, your only getting $100/month...that's a whopping $1200/year...with no problems.  You should be able to get that back and more if you put that "deadbeat" $100k+ to work for you.  If you can't, change the market you're investing in.

You can always get your money back (in this case $100/month).  Time...not so much.  Time is money.  Don't waste the time's money anymore.