Rural/Vacation Property Funding in Northern Michigan

[Leslie Beia]

Hello! My 1st Airbnb is a log cabin my dad built back in the early 70's outside of Cadillac, MI, on the land his parents settled 50 years prior. It has done better than anyone in my family expected, and I've realized that this area is a pretty amazing, under-the-radar gem for vacationers. Year-round activities in the National forest, rivers and lakes, and small local ski hill are the focus, and it appeals to hunting buddies, families and couples from Chicago and the lower part of the state. My reviews are excellent and people have loved staying there. 

I would really love to continue to invest in this area, however I am aware that getting funding for rural/vacation properties is rather difficult. Certainly hard-money lenders won't touch it, and I'd be wanting to purchase distressed cabins and cottages so would need some rehab funding. I know it's a long shot, but wanted to throw it out in the forums if anyone has any ideas for me. 

I currently own 4 doors, one under rehab, 2 Airbnbs, and a long-term rental. I have received hard money and DSCR loans. I have about $90k cash to work with so I'll happily put skin in the game. There are a few properties that have my eye right now, and it's the absolute best time to buy in the frozen north! I just don't want to sink all my cash into one property that may not be eligible for refinance, so just trying to educate myself on all my options.

Thank you!

[John Warren]

@Leslie Beia I feel like this is an opportunity. I would call 10 local banks and credit unions to see if anyone is interested in working with you. I would put together an elevator pitch and a small business plan showing them how these properties will perform. I feel like that may be the best route to go. Local banks are way more creative than people think, and they will tell you in the first 5 minutes if this is a non starter or if they have some interest in this.