My wife and I are preparing to finalize a refinance on our home in the coming weeks. We have a lot of equity in our home, so we’re going to be able to pull out a substantial amount of capital.
That being said, I feel stuck trying to decide what we should do with said capital. I would really love to get into a buy & hold multi-family property, but I’m really open to anything if the numbers work. Might even jv a deal if someone was willing to do so. We’ll definitely have some skin in the game.
Any recommendations on viable routes for us to take?
Anybody in Utah want to jv on a deal?
@Jordan Holt have you considered the VR business? I hear Utah is a popular vacation destination. It’s an active business but the returns can be well worth your time *if you self manage* and you can absolutely learn how. I do it and so do many other BP members. Something to consider.
@Brian Gerlach I appreciate the response. Are you referring to a STR model? AirBnB Arbitrage? If so... we are actually actively building out a unit to put on market as we speak. So it's exciting to hear that.
In an attempt to diversify, however, I would like to involve us in something else as well.
@Jordan Holt yes STR model, I don't do an Arbitrage model. Buy/own real property in a true vacation market, self manage remotely if needed (I do from 2,000+ miles away) and enjoy great returns. Fairly active but worth the time imo. Happy to hop on a call any time. Nothing to sell. No angle.
@Brian Gerlach that's interesting. Never really consider buy/hold for an STR model but I can definitely see the benefits.
I’d be up for a call sometime! What time would work best for you?
would you consider other areas such as the south east..
as the saying goes, live where you want, invest where it makes sense..
are you looking for passive investments or do you want to be hands on? i would recommend multiple units just in case that one tenant doesn't pay you have others who can at least cover your mortgage and real estate taxes..
@Jordan Holt dm me
@Brian Gerlach what is STR model?
I finished a buy/hold remodel in end of may and my short term rental was rented 29 days a month. If you pick the right place, it’s very profitable. It was a lot of hands on and time consuming, but now after one summer, I think next year will be so much easier during the busy season. I suggest looking into it as well.
@Jordan Holt its crazy that you asked that, because I was about to post the same thing, and looking through the forums and I see that another Jordan Holt is asking the same question. Small world, and thanks for all the responses everyone, very inciteful.
@Curtis Marker I appreciate the response. Given the second recommendation, I will definitely take a serious look into this.
@Paul Falciglia “Short Term Rental”, essentially AirBnB’s.
@Jordan Holt it is a small world indeed! Great name you’ve got there!
@Paul Falciglia Short Term Rental which is synonymous with VR (Vacation Rental) though STR can be corporate rentals too (ie one month rental, 3 month, etc).
Cottonwood heights is where it’s at @Jordan Holt
@Andrew Carlson is it happening out there?
Do you have property in Cottonwood Heights?
@Jordan Holt I don't own any property there, but have friends and family there, and have lived there myself. The access to big and little cottonwood canyon make it an outdoor lovers paradise, which most folks are in that area. Air BNB model would crush it in that area. my cousin once rented his house out for $1500 for a week to some skiers. plus, the views of the valley are amazing almost anywhere in cottonwood heights!
I have onsite laundry. Next time I empty the machines I’m going to put $10 in quarters into baggies for each resident.
Wrong topic, sorry!