Should I Sell or Rent

[Ryan Johnston]

Hi All,

I am having a tough time deciding what to do with my current situation and figured I would throw it out to everyone here.

I am an agent so it makes a lot of this much easier in terms of saving fees and navigates sales. My wife and I are closing on our new home and are left with our current townhouse. We bought it a year ago for $260,000 on FHA. The current market value is $295,000. With the mortgage payments, taxes, HOA, it is $1960/month plus $85 if we rent and use a property management company. I can rent it for $2000-2300 if we go that route.

I am looking to get into multi family and build a portfolio with the goal being apartment buildings.  I am in my second year of being a 1099 contractor so as of the Spring 2017 I can start qualifying for mortgages and refinances again.  With the above info would it be wise to rent it out or sell?  If I rent do I refi and pull equity for a new purchase?  Should I sell and just go after 2 duplexes in the 150k range?  If more info is needed let me know, thanks!