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Updated about 5 years ago,
Do I sell my current property or rent it out?
The wife and I are expecting our first child in Jan. 2020, we just upgraded and bought another house on top of this house I currently own a condo valued at $490k , remaining balance on mortgage is $336k, and the unit is fully renovated (Monthly Payment: $1543.00) (Orange County, CA) HOA Fee is $385 per month, Property Tax $375 per month, and Insurance $86.00 per month. If I rented it out I would pull roughly $800 per month net as it would lease out for $3200 [4 bed, 2.5 bath, 1700 sqft], If I sold the property, I would most likely get $145k after everything is said and done.
My question is would it make sense to rent it out or sell it? My goal is to start a real estate portfolio and acquire enough homes where I can manage it full time and leave my current job (non-real estate.)
I appreciate any assistance/guidance from people that live and breathe this everyday.
-Keith (Newbie)