I want to buy a new home and rent the one I live in.

[Frank Tovar]

I would like to move up as they say and purchase a home in a better part of San Antonio,TX. My current home cost us 140k and current pay off is 133k. It is still valued at 140k. We have only lived here for 3 years. Mortgage is $1,090.

My question is at what point can I make the transition to renting out this one and purchasing a new home in regards to time? Is this a viable option to do so early in the game with this mortgage?.
Or is there a better way to move up?