Should I sell or rent?

[Kellie Ritter]

Hello, I am trying to make a decision and thought I would put my situation here to hopefully get some advise. 

I own a home that is worth about $800,000-$850,000 and I owe $130,000. The property has two other dwellings that I rent out. One is a mobile bringing in $1,600 and the other is a two bedroom apartment bringing in $1,350 (but haven’t raised the rent so could be more). 

I have come to a point in life where I want to make some changes. I am very interested in investing in real estate and making more passive income. I feel that my first move is crucial for starting this journey, so that’s where my question comes in. 

Do I sell and take the money I profit to start investing or do I refinance, take money out to invest with, and rent my home in addition to the other two units to use as income and save for future investments? After mortgage and expenses I could bring in around $4,000 monthly between all three units. 

I’m sure there are many other factors in answering this question. I am happy to answer questions to help with advise. 

Thank you for reading, 

Kellie