Looking to get started

[Paul Gagich]

Hey BP community-newbie living in Colorado Springs getting ready to bite the bullet and could use some input:

Here is my initial plan:

Have a small guest cottage built (or prefab) in the back of our lot. We always wanted one for family to stay in when they visit and more so for a short term rental-AirBnB-1 BR, sleeps 4. We live a short bike ride (5 min) from downtown CS and rates are going anywhere from $55-120/nt. and everyone I've talked to that has one says they have no problem renting out. We are going to use a heloc, savings, and liquidate our investments (only if needed) to fund this. Once we get up and rolling, our next thought is to refi and use any new equity to BRRRR into the next deal.

Long term plan is to generate $100-150k/yr between rentals and a fix and flip or 2 /yr to retire from my current occupation that has me working 60-90 hrs/wk...really hoping to buy back some time to spend with my family!

My question is: does this sound like a viable option or do I skip the short term rental and look into buy and holds right out of the gate?

Thanks in advance!