Hello,
What do I know about investing? I am just a newbie trying to make some cash flow! I was able to buy a house at a decent price in CA and with the boom, I took some cash out with the idea of investing in real estate. I've been watching and listening to YouTube and podcasts, which inspired me to make this move. Other than that, I have no one in my personal life to help guide me, so It's a big move for little ol' me! Now, I am thinking of short term rentals. Getting into airbnb/vacay rental game. I am looking at properties in Northern CA area for airbnbs. I guess being so new to investing buying something out of state seems a little next level to me. I have about 100k to invest. I found this property that has a two bedroom one bath cabin, another tiny house, another structure that looks like I could convert into another tiny home, and its on 3 acres for about 245k. My lender said I could put 15% down or the full 20%. I would probably need to put another 15k to fix up the cabin and tiny home to be able to rent it. On average, the area I have been looking at, two bedroom cabins range from 140-160 a night. I could probably get 80-100 for a fixed up tiny home. I would probably just focus on fixing the main cabin and tiny house fist. Then get those up and running and focus on the other structure. Does this sound like a good plan? Would it be smarter to put the entire 20% to avoid PMI? If my goal is to fix it up, then get it reappraised, and pull money out and buy another property should I even care about PMI?
I welcome any better ideas/advice on ways to invest this money.
