2 investment property's what is my best move for future wealth.

2 investment property's what is my best move for future wealth.

Member since 2022 · 1 post · 0 votes

I currently have 2 investment properties in the making.

I am a builder and have a new cabin that i built in Vermont. It is almost done and a very nice craftsman style rustic cabin. Its Located 15 min away from a local ski mountain. My plan is to rent this cabin air bnb once finished. There are many air bnbs in the area and lots of out of state people that come for the mountain. 

The other home is located in NH and i got this through family and had to be gutted down to the studs and needs lots of work to get back up and running. But once i rehab this property i would like to rent this out to a tenant. 

I own each of these properties free and clear no loans. The VT cabin has been built solely out of pocket. I would like to get more properties but i don't have the money to fix up the NH property right now just trying to focus on the VT cabin. 

What are some of my options to get some money to fix my NH house to be rented. And possibly get some other property's to rent thank you in advance for tips and advice.  

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  • Real Estate Agent · Austin, TX · Member since 2020 · 1k+ posts · 941 votes
    4y

    @Matt Muchmore if you need cash I would consider refinancing the properties. I don't know what returns you are expecting but I've seen that it takes a long time to get enough cashflow saved up to buy another property.

  • Jonathan GreeneBusiness Member
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    4y

    Your focus is off right now. Your only focus should be on these two properties and getting them up and running and trading at max value as a short-term rental. Too many investors start to stare into the future too early and if you do that you will neglect some of the must-do items right before you. If you are gutting to the studs in NH, make sure that is 100 percent efficient in the build and out value before worrying about where to get more. It sounds like you have two solid assets, both paid for, so I would spend the next 6 months to a year just working those two like a business. If you do that, you will probably have the net for your next property.

  • Investor · Amherst, NH · Member since 2017 · 42 posts · 20 votes
    4y

    It’s better to borrow up front so you know you have the cash reserves if another project comes up. Primary bank in Bedford or Millyard bank in Nashua may be able to help you with a construction loan to finish the project. If you can’t get funding you may be stuck and have to sell as is. 

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