STR Profit, what to do with cash?
Hi all,
Not sure if this is the right place for this, but figured I'd start here. We're coming up on the 1 year anniversary of our first AirBnB, short-term rental. We're in a seasonal market and since closing, we haven't had to put any additional funds in, we've been able to float all mortgage payments + costs w/ our rental income.
Post-high season we're going to be sitting on a decent amount of cash but even after accounting for our monthly costs in the low months, we'll have a good amount of cash on hand. I've been researching what the best thing to do with this cash is, but haven't been able to find any good resources?
1. Pay down mortgage faster?
2. Invest?
3. Park it in savings in case of emergency? (if so, how much)
What do other STR owners do with the cash their properties spin off? I appreciate any and all advice or if you can point me in the direction of good resources.
Thanks,
Sean