Mhe best strategy/Mentor

[Elia Caputo]

Hi everyone my name is Elia and I am new here. I have 2 short-term rentals in WNC, one long-term rental in AZ currently for sale, 2 lots for sale, and a fixer-upper to be fixed. My husband and I are ready to fully grow our portfolio and create better generational wealth. I am taking care of the rentals and 2 teen daughters. We currently have about 80000 in credit card debt and he just lost his job, reasons why we are selling some property. I would love to get your opinion about what our next step should be and how to go about it. Thank you so much for your help.

[Jaycee Greene]

Hi Elia. I'm sorry to hear about your husband's job loss. First, I would confirm the values of the values of the properties you currently have, along with the cash flow you get from the rentals. I would hope there's some equity in those properties that you could leverage to create some short-term cash flow, along with paying down some of your credit card debt. I work as a part-time CFO for several real estate developers like yourself and help them through similar challenging times.

[Elia Caputo]

thanks 

[Andy Nathan]

Hey! I'm sorry, your husband lost his job. Is he looking for a new job or do you plan on using the property sales to supplement your income for the near term?

Also, before you think about generational wealth you might want to reduce your debt load. Even if you sell your property, will that be enough to supplement income and pay down debt?

I would focus on shorter-term activities to generate revenue (flipping, wholesaling, etc.) I started a GC company because it brings in additional revenue.

Another important point, are you looking for a mentor or mastermind to join? I was not sure about the title of the post.

Note: I am not a CPA or financial analyst. I hope I understood your scenario correctly.

[Basit Siddiqi]

I would forget about growing the portfolio and generational wealth until your husband finds a job and you reduce your credit card debt.

Credit card debt has interest rates above 20%, there is a strong case that your rentals are not generating a 20% return. I would consider selling a property to pay off the credit card debt.

Maybe your husband can manage the STR listings and potentially do the cleaning.

Best of luck

[Elia Caputo]

Thanks Andy, selling a property and 2 lost with equity to pay some credit car deb and generate quick cash. Flip, etc

[Elia Caputo]

Thanks Basit.  

[Julia Lyrberg]

Selling the long-term rental and the lots could be a good move to reduce debt and free up some cash flow. I’d also consider prioritizing paying down that credit card debt since it’s usually the highest interest. In the meantime, maybe look into refinancing options for the short-term rentals to access some equity, especially if they’re performing well. It’s a tough spot, but it looks like you’ve got assets and options to work with. Hang in there, and good luck!

[Elia Caputo]

Thanks Julia. I apreciate your help

[Joe S.]

Some good advice already given. I see you’re not a long-term user of bigger Pockets. In order to tag someone specifically put the @ sign in front of their name.

[Elia Caputo]

Yes, thanks @Joe S

[Johnny Lynum]

Hey Elia, welcome! First off, kudos to you for juggling all that – that’s no easy task. 💪 As for next steps, I'd focus on stabilizing your cash flow first, especially with the credit card debt situation. Selling some property to pay down high-interest debt is good, but also consider looking into ways to refinance or leverage your existing assets for better cash flow. Once you're more secure, it’ll be easier to plan for growing that portfolio. Definitely lean into the local market knowledge and opportunities you’ve got with your short-term rentals, too. You got this! 👊