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,

[Kathy Calderini]

@Johnny Accardo I would suggest you stay local for your first deal. It will shorten the learning curve, learn from being able to visit the property if need be, and all around reduces risk.

Hope it helps! Make it a great day!