Should I sell our only rental and start over?

[Jeff Melby]

New member and new investor here!

We moved from CO to FL last year and are currently renting our CO home. It’s currently in it’s 2nd 1 year lease. It’s in a great market for renting and real estate

We have a significant amount of equity in the CO home and it’s far away so we hire people to fix issues as they come up.

My question is, should we sell the house and use the proceeds to start up a rental portfolio in FL or keep the CO house and use some of the equity to invest in FL properties? I know we would avoid realtor fees if we do t sell, but I’m not sure what the smart move is here. 

Thanks!

[Bryan Balducki]

@Jeff Melby my recommendation would be to pull out the equity from your CO property for your Florida investment. CO is booming and although I don’t have a crystal ball, I could see prices continue to go up. As long as the property isn’t too much of a head ache, I think it would be smart to hold on to it. My question would be: what is the cash flow on this CO property?

If it is not cash flowing, then it might make sense to sell depending on your cash flow goals. Hope this helps!