Updated almost 5 years ago on . Most recent reply
Should I sell, refinance or do a Heloc for seed investing capital
I am an Architect/GC with my own Design/Build firm and looking to Real estate investing to replace my 9-5. I currently own a home in the Bay Area but to be honest this recent increasing onslaught of wildfires has me spooked. I imagine a impending exodus of people and an ensuing market collapse here. My only property currently is my primary residence on and acre which i bought for $650 with 10% down and put about $60k + sweat equity to add a junior adu. My PMI is $3400/month and I get about $2000/month net on the AirBnB.
Currently I owe $540k and the most recent appraisal was $921. I have the option to do a full 1200 sq. Ft ADU here as well (there is a detached 3 car garage, and built structures only occupy 1/2 acre. I am currently earning a decent income from my design/build firm. But wish to increase my residual income but am unclear the best route forward.
I am booked in my business for another 18 months, and My Air BnB is booked for the remainder of the year but my daughter finishes college in March and moves out and I’m single so i have a fair amount of flexibility. I do own real estate out of the country free and clear so I could move there and use this property as strictly an investment if needs be.
Any advice would be greatly appreciated.
Andre’
Most Popular Reply
Great start to investing. You could cash out refi or heloc to find another property to possibly househack or find another air b n b somewhere else like Tahoe to invest in. you have the air b n b experience, i'd use that to keep in mind for the NeXT purchase.
The best thing to do is make a plan and a goal to stick to. Get focused
example- I'm going to house hack multi families. That's my plan until I cant do it on my own through personal lending, by then I hope to find partner(s) to help me scale up. It's not perfect and it will prob change, but i wrote it down to guide me along the way.
Best of luck