Using home equity to pay off vacation home rental then what?

[Christian Jimenez]

So to begin I want to say this app, site,forum,podcast is revolutionary. Thanks big bro.

My family owns a single family purchased at $255k clean & clear just began to rent it generating 1900 our cash flow is $1400.

Also a vacation rental we purchased at $220K 40K down owner financed the rest with a balloon in 10 years amortization in 15 @7% interest ... coming up on 4 years now we are deciding to use the equity on the single family to liquidate the vacation home and get out of the 165K debt. Which will free us up to actually sell the property and hold a seller financing deal ourselves.

Selling at $350K and found a buyer that will put down $150K and owner finance 200K for 10-15 years. (Retirement plan)

The option I see is to use that $150K to continue to find good deal in rental properties or another vacation rental & use 1 of our 3 fha loan and do a nice house hack with a multi family or duplex perhaps in Colorado ... while others in the family would say to pay back the equity loan we took out and enjoy the debt free income from the rental and the seller financing deal. Am I getting ahead of myself and should just enjoy the large cash flow or are my dreams of wealth just beginning if I could continue to find good deals ? I am Based out of the sunshine state. South Florida will always be a good vacation rental business I believe. Older siblings reside near Denver also an excellent vacation rental location. Being the youngest at 24 im looked at as unrealistic or taking on too much at once but I just see the grand possibilities of good rental income for us all. Should we spread our eggs in multiple baskets or be happy with what we have? Any questions ? What’s the best way to go about this new change? Any investors or hard money lenders interested in south Florida rentals or Colorado ? Any one made this big change of managing multiple properties and have positive feedback ? Long post .. thanks for taking the time. Real estate investing Just makes sense ...

- Christian J