Relocating and renting out the current house.

[Jonathan Woods]

My wife and I just recently bought "our forever" home. It's a new build in Ottawa, Ontario, Canada. We put a lot of upgrades into the house. A massive quick decision has us moving again only months later to another city closer to her family.

I am trying to figure out whether to keep this property and rent it out or sell and buy a few other smaller ones.

Here are some numbers I'm working with....

Purchase price- $539k

upgrades paid cash $35k

Downpayment- 20% ( $108k)

Monthly mortgage- $1800

Monthly tax - $460

Looking to rent out for $2600-$2800. People are interested at $2800 will probably grab someone at $2600.

in just the 6months we have owned this new build the value has gone to $640-$730 using the purview appraisal site mortgage brokers pay to use and comparing to the local market. (I'm a new mortgage broker too...😎)

My question is...do I keep this house, have someone pay off the mortgage for me within 10yrs ( assuming i do not refinance and ensure the extra down payments happen monthly and yearly to shorten the duration). Then is 10yrs we will have (assuming not very much appreciation) $700k to sell and take out or keep until we are ready to sell and take out.

or

Sell the house. take the $150k (after paying back everything and other fees) and use $85k as downpayment for new house in other city, leaving us with $65k to use to buy 2 houses of say $100k each and hoping to get a profit of $400 each, maybe $600, giving us the monthly flow of $1200 (hopefully). Only to grow from there.

I am just stuck in letting this nice new house go having a really good feeling that it will appreciate at least a little more in 10yrs. have someone pay off the nest egg and reap the reward later and still try get into the real estate investing in new city but at a slower rate ( unless find the partners with cash for downpayments etc).

I would like to know what others would do... we would be renting in the new city for the first while. we have vacant land we will sell soon for the new down payment. also we only need 5% down on new home seeing we moved for work.

lots going on and happening real soon.

so thanks in advance for advice...much appreciated...