What would you do with these circumstances?
quick back story: Self employed RE Broker in Greater Seattle Wa, my wife is a w2 employee, 133k HELOC, 50k COH, looking to acquire first investment through brrrr, flip and/or short term (airbnb) most likely out of state
Getting right into it....
My wife and I have just closed on our HELOC and we have some COH as well...we have a few different options and were looking to see what others would do in our shoes....
1. We were thinking of using the HELOC to flip (while costal market is hot...reinvest into Midwest/southern markets)?
2. Purchase multiple properties with heloc using it as a down payment (try to force some simple sweat equity to brrrr back DP)
3. We have a 500 sqft (walkable and above ground) crawlspace that the city says we can convert to an ADU/MIL, we have been quoted 70-90k for the build out with a GC (not including city planner or architect). We would use this as a short term rental/airbnb.
4. Purchase 2nd home and do short term rental airbnb/traveling nurses
5. Purchase 1-2 motorhomes and rent them out through outdoorsy type hosted sites (yes I am aware that this will never appreciate and will depreciate quickly) these do extremely well where we live.
Thank you for reading and responding, my wife and I appreciate your time!