What would you do? 50 year old starting the journey

[Brian Beck]

I am 50 and have a goal to replace my income, or at least a lot of it by 60. My wife and I have strong W2s and are closing on a 300K HELOC this week. We are in process of building an Airbnb (Den Modern Cabin in Adirondack mountains) in her hometown in upstate NY where we already own 15 acres. I want something to get going here in Indianapolis as well and have a decent start and some solid contractors. My initial thought is BRRRR, but with rates where they are a bit nervous there. Duplex sounds interesting and cash flowable, but I am also thinking of turnkey (looked at rent to retirement) to get my feet wet and not get too buried in my first door. There are so many options, but having 300K HELOC available gets me excited. What would you do? Psyched to learn from you all.

[Zach Lemaster]

@Brian Beck

Thanks for the mention about RTR!  We are available to answer any questions you have at any point in time.

You are definitely in a good spot with having that much equity. I would take some time to really define your goals and strategy to see how you should apply that HELOC to scale. Do you want to continue down the development side & focus more on STRs? Why Indy? We are heavily investing in Indy, but we also like many other markets that perform excellent as well. Recently I've been focused personally on how to make my STR's perform in the top 1% of our market which is a 6 figure different from being in the middle 50% of where avg properties perform. It's all in the mngt! Anywho, our team is available to answer any questions you have at any point in time. Here are some threads that might be interesting to read as well from previous RTR clients:

https://www.biggerpockets.com/forums/92/topics/518583-feedback-on-renttoretirement-and-zach-lemaster

https://www.biggerpockets.com/users/ZacharyCole/references

https://www.biggerpockets.com/forums/92/topics/765347-rent-to-retirement-review

https://www.biggerpockets.com/forums/44/topics/1058814-first-time-with-new-construction-cape-coral-fl?highlight_post=6055029&page=1

https://www.biggerpockets.com/forums/850/topics/895660-my-first-investment-property-an-out-of-state-deal

https://www.biggerpockets.com/forums/92/topics/983659-first-investment-property-with-rent-to-retirement?highlight_post=5677176&page=1#p5677176

https://www.biggerpockets.com/co/RentToRetirement