What to Do with 550k in Equity in a Breck Airbnb?

2 Replies

We own a second home in Breck that we Airbnb for about 2k of cash flow per month. The mortgage is down to 134k and the house is worth about 700k. Wondering how we can use this equity to our advantage to scale up with more cash flowing properties or should we concentrate on just paying it off and gaining the 730$ extra a month without the Principal and Interest?

We also have a second Airbnb in Breck that we just acquired in a 1031 and expect about 1000/month cash flow. This property has a 60% LTV. Worth about 500k.

Property is expensive in Breck but Airbnb is lucrative up here for the right places.  

Thank you for sharing your experiences and insight with me!!!

@Chuck Oese a mortgage broker would be the best person to speak to about this. You'll have to factor in closing costs, cost of appraisal, new rate and payments compared to old rate and payments etc. and see if it makes sense. It probably does considering the large amount of equity but nobody on here can answer that for you, your best bet will be to speak to a lender and then decide.