Vacation Rental or Midwest BRRRR for first REI

[Johnny Accardo]

Hello all!

I’m new here. I’ve been scouring the forums and BP podcasts for a few weeks now and would love to hear your guys’ input. I seem to be a wee bit scatterbrained with all the possibilities and strategies so any and all advice is welcome.

I live in Los Angeles county, but am thinking of investing in either Big Bear Lake as a vacation rental / AirBNB or doing a BRRRR somewhere in the Midwest. Main goal is cash flow rather than appreciation.

Luckily for my day job Im self employed and work from home, so I suppose I have the flexibility to house hack wherever I decide to purchase as well. I'm prequalified for as high as 550,000 I have around 30-40k to use as a down payment / renovation funds, so my brain tells me to start in the Midwest with a BRRRR and then cash out refinance after a couple years. But my heart wants me to invest in Big Bear Lake so I can take advantage of the thriving Air Bnb market there, as well as have a ski trip getaway every now and then.

Thoughts, concerns, and rants all welcome.

Thanks in advance,