All Forum Posts by: Brian Beck

Hey gang.

I am currently under construction of a first cabin on 15 acres in upstate NY in Adirondack mountains. Question is do I need to parcel out the land if I plan on building several cabins on this land in order to potentially get several mortgages? Is it possible to have several cabins on 1 plot of land and get financing from a bank for each one? Just getting closer to completion in next few months and want to have set up correctly. Thoughts on best strategy?

Many thanks,

 Just cannot get over the tremendous response I am getting here.  I have always heard about this great community, but just WOW.  All of these nuggets from so many of you that are already successfully doing it.  Many thanks to each of you!

 Great points and really appreciate the insights Jaron!

Wow.  So much great stuff here. WIsh I had time to comment on each one here but this pesky W2 has me slammed today.

Thank you all so much!

Ben - the Airbnb we used personal funds for most, and will just end up getting a small mortgage for maybe 50K.  I like the 8 plex, but I am just a baby and that is scary.  appreciate the insights regardless!

Nate- Loving your double down on brrrr comment.  I am scared to death to pull the trigger, but sounds like a fun challenge and if it works, R.

Nicholas - thanks for the note! I guess the big excitement of the HELOC is using equity that is doing nothing for me today. As I start to look more into it, I keep going back to BRRRR mostly due to the fact that I don't want to increase my debt, and that I can keep getting back to zero if done correctly. If I just buy a rental via traditional loan, the cash is eaten up by the down payment which greatly limits the number. I get it that it is a lot of work, but if I could do it and figure it out, seems like a winning strategy.

I am 50 and have a goal to replace my income, or at least a lot of it by 60. My wife and I have strong W2s and are closing on a 300K HELOC this week. We are in process of building an Airbnb (Den Modern Cabin in Adirondack mountains) in her hometown in upstate NY where we already own 15 acres. I want something to get going here in Indianapolis as well and have a decent start and some solid contractors. My initial thought is BRRRR, but with rates where they are a bit nervous there. Duplex sounds interesting and cash flowable, but I am also thinking of turnkey (looked at rent to retirement) to get my feet wet and not get too buried in my first door. There are so many options, but having 300K HELOC available gets me excited. What would you do? Psyched to learn from you all.