Fix & Move? Turn current home into STR.

[Tony McKay]

Hey all, 

Me and my wife are highly interested in moving to a home that needs renovation turning our current home into a STR. We are new to investing. We have equity in our current home. Although, financing will be tricky as I started an HVAC company and my W2 ended in january 2023. I have until November 2023 til I hit the 12 months in business mark which I've heard sometimes personal financing will accept, although most are 2year minimum. We also have equity in our current home.

Current home/ future STR is maybe valued at $250+ with 40k private due @ 1%.

New rehab needed property has a sale price of $300k, AFV of $450-$550, needs full Reno, walls, roof, finished floors, HVAC, maybe a septic. 

How could we work the financing in our current situation soon without letting this deal pass? We’d hope to get started soon or in November. 

Not sure if we should run the new property as an investment property then move to it after 12months or somehow get a personal mortgage with only several months into a successful business. 

Thanks!