Noob looking for advice

[Michael Bartlett]

Hello All!

My job has me commuting all over northern Colorado when I live in Colorado Springs. We need to move more north centrally located to my territory. The question that I've been going back in forth on wi is what to do with with my current home. I've been wanting to start investing and I think this would be a great start however... some lower income apartments are being built down the road from me. As it stands now we have an estimated $110k in equity based on the same floor plan that just sold 2 months ago down the street. We are paying for MI but also have a 3.5% interest rate and our payment is $1200. Other similar homes in the area are renting for about $1700-$1900. Now the kicker for Northern Colorado, the housing market is about $100,000 more expensive than Colorado Springs. So I have a four part question. Please share your thoughts.  

Do I rent my current home and buy up north?

Do I refinance, rent current home and buy/rent up north?

Do I sell my current home and buy up north? 

Any other recommendations?

[Bill S.]

@Michael Bartlett my vote is refi your current home while you still live there and can get the lower owner occupant interest rate. Use the cash for your down payment on your new NoCo home. If you don't need the cash out of the refi to purchase, still do it and save the cash for another property in a year.

I wouldn't worry about the apartments hurting your value unless you plan to sell in the near future. In 30 years, the home is paid for, prices are 3 or 4x what they are now and who cares where it is. Someone will buy it and for a lot more than you paid for it.