1st Personal Home/Getting Started

[Timothy Cruz]

Wife and I are thinking about moving into the city more but want to rent out our current home and start our investment journey. I think I have two option but wanted to get some opinions. 

We currently have a 15year with about 114,000 left. Current house payment is about $1,035. I should also add that right now, our value is around $160,000.

Property Management rent analysis says I could get about $1,250 a month. They would also charge $95 per month to manage (I didn't plan on land lording myself). 

1st option would be: refinance from 15year to a 30year and payment could drop down to about $900. 

2nd option would be: keeping the 15year at current house payment. using HELOC for down payment of next house.

Let me know what I am missing and appreciate any help!