Advice for a newbie - what would you do?
Hello, BiggerPockets members! This is my first post, and I'm hoping some member with more experience than me will weigh in : )
My husband and I house hacked in Brooklyn (I didn't even know what that was until I found BiggerPockets, but we did it). We bought 6 years ago and now we are sitting on a lot of equity - about 1.4 million. I'm trying to figure out how to put that money to work for us. One option is long distance real estate investing. I'm thinking of a better performing market for buy and hold, small multifamily.
The other option would be building an addition on our existing home, and turn the one bedroom rental into a two bedroom, perhaps making it an Airbnb rental. (This is legal in our area because of our building class). That would also allow for a large master kitchen in our triplex. Our neighbors Airbnb their 2 bedroom on our block and make about $5k per month as a reference point.
Any ideas as to how to access equity or how to start are welcome and appreciated. Thank you!