What should I do with equity in my house and "extra" cash on hand
Don't want to blow this opportunity.
We owe approx $460K on a property that appraises at 1.1M. We live in the main house and "rent" 2nd unit to in-laws. Will have a good cash cushion within a month or two from finishing up a couple of large contracting jobs. We are taking a (sort of) sabbatical this year from our contracting business - taking small jobs (to keep great employees) and some consulting work. What would be the best way to take advantage of this situation to accomplish our goals?
Goals:
Keep current property - potentially airbnb or rent main house; I have a 4.5% mortgage that I've been trying to refinance a lower rate but we have a little bit of construction on the main house that needs to be finished up (will be done in a month or two); Difficult property to refinance because a)very few comps b)2nd unit is a manufactured home (on a permanent foundation). I had to beg an appraiser to come out in 10/21 after months of waiting - but rate lock ended.
Looking for a house hack opportunity in upstate NY around zipcode 10990, 10987. Open to moving for 1 year. Need at least 2 units - at least one to a permanent tenant and airbnb the other after one year of occupying. Would like to tackle only cosmetic rehab and able to do the work ourselves.
Our first property was a 203k so we have experience going that route.
TIA!