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Updated almost 6 years ago on . Most recent reply
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First rental property
I am a first time poster, but have checked out the site literally for years! I just have a question and figured it would be a good first time question.
I currently live in a small town in Montana. I have been here for 12 years. Two years ago, I purchased a 4b 2 1/2ba town house in my town, which is a college town. I have never been totally happy here but I am stuck here due to parenting issues so I decided to live to the fullest and try to progress while I am here.
I am now at a crossroad where I am ready to leave here for greener pastures. I have a dream of being a real estate investor and want to leave here and acquire some properties. My question is this should I sale my home or turn it into a rental and count it as my first property? I will have about 15k in an account to service the property if needed and am trying to set up a team as I would like to self manage because my mortgage wouldn't leave much cash flow after rent is paid so I would like to try to keep some money for myself. I dont have any other experience managing properties other then the few years of research that I have done. Some advice from experienced investors would be appreciated to get me headed in the right direction. Thanks!
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@Nathan Gesner Thank you for the blunt response. I think I am having a hard time with it because it was my first home and I went in as a home and not investment. I love the short sweet response of sell it. I have to get to that level where I think with my head and not heart.