Sell or rent current primary residence ?

[Myron Reynolds]

I am having a house built for my primary residence. I have about $175,000 equity in my current home valued at $260,000. Not using any of the equity for the new home. New to real estate investing. Should I keep my current home and rent it out. It would rent for $2000 a month. Current mortgage (taxes , insurance, included) is about $1400 a month. Or sell and take the equity and use it for investing In other properties. More interested in flipping than renting. But, open to both. One consideration is that it will probably need a new roof and HVAC in 5 years. Any advice?

[Joel Calkins]

Hey Myron!

If I were in your shoes and didn't need to pull equity out of my first deal or sell it I would keep it. Why sell an oil rig if it's still pumping? The cash flow seems to be pretty consistent and is close to being free and clear. There are also ways to pull out equity on an investment property (HELOC) to fund more deals. This is all dependent on whether you want to become a landlord as well.

I'm always down to talk RE feel free to PM me with any questions!