Should I sell Utah property for Multi-family in Orlando?

[Mike Xiao]

Hi All,

It's been a while since I came on here.  I have a single family home in Tooele, Utah.  It's paid off, and currently get $1550/month.  The home I estimate can be sold for ~$230K-$250K.

I'd like to get some advice on strategy.  I'm contemplating if I should sell my house in Utah, and use that money for down payment on a larger multi-family unit in Orlando or maybe Tampa?

It seems Orlando and Tampa are some rental markets.

OR....should I just hold my Utah home forever, and just save up enough down payment for another investment property, which could be a while.

Just curious what strategy is best, basically. Whether to just gather up a bunch of properties, or keep selling to upgrade to more and larger multi-family units.

[Eric Gardiner]

@Mike Xiao that is a good question. I would suggest that if your Tooele property is free and clear and you have a rock solid property management company in place then I might do a cash our refinance. Then you keep that property but still get some cash for a down payment on your next set of units. 

If anything about the Tooele property is shaky (causing a headache) then I might consider selling. 

I say dont kill a cow that still has good milk.