Buying Multiple Properties
I am purchasing a condo in Kill Devil Hills, NC that I will be closing on in June. I have a beach house rental in Cherry Grove, SC that is free and clear and cash flows very well during vacation season. I will be financing $210k of the new condo and plan on putting all of the rental income I can spare from my current rental towards the principal for the next few years. That combined with the rental income from the condo once I get it on the market should pay it off in 3-4 years.
I wanted some advice as to if I should just hold tight until the condo is completely paid off, or if there is a smart way I could purchase another rental property in the next few years if I find a good deal. I've read about taking out a HELOC on my primary residence and maybe using that to assist in buying another property, but I'm not sold on that idea.
I like the beach rental properties because of the quick turnover and bigger payouts. I have not delved into the long-term rental pool because of the nightmare situations I've heard from clients and acquaintances that have had them.
I feel I am in a good position to start expanding and am looking for avenues to do that. My primary residence is also paid off. Any ideas/suggestions is appreciated.