All Forum Posts by: John Dallas

Thanks for the comments everyone! I don't think I'm the guy that can manage 2 properties in 2 different states. So I'm leaning toward selling the FL house. Although getting a Heloc for the cash flow does make sense. 

As Tyler points out I have taken on a lot to build 6 cabins in one go. and yes i only think about the sexy part. 

I was hoping the perfect solution would just fall from the sky. But alas, this is going to be hard work.

How do these numbers sound?

I have 10 water front lots on a trout river in WNC with mountain views, they are cleared. i have the site permit, i have the well and septic permits. Some lots are used for well and septic so the 10 lots support 6 cabins. (as permitted by my engineer) My permits are good for 18months.

I am working with a builder that thinks we can do the 20x24 cabins for 100k each. so that's 600k plus another 200k for site work.

i think the cabins will fetch 225 a night. however lets use 125 @ 50% occupancy. that's 22k x 6. So I'm looking at 132k a year.

The land I bought years ago for a song. I'm 25k out of pocket for permits and clearing.

I bet the pre-permitted 10 contiguous lots on the river would appraise for at least 150k.

Am i being overly optimistic? or do these numbers work?

Hi All, looking for a bit of guidance from my fellow travelers.

About to hit 60 and I have left Florida for the NC mountains. The Fl house is a 3/3/3 pool home on the water and its paid for. (worth 850k)

Over the past 10 years I purchased land in the mountains. It took 3 years, but,  I finally navigated the permitting process and now have all the permits I need to build 6 small cabins on a river in the mountains. I would not wish this on anyone. This was very hard and time consuming, but I'm on the other side of the permitting process and ready to build.

I am estimating the 6 cabins will be about 900k to build and will be worth 2x that when built. Cabins should cash flow nicely based on my location and research.

So.... do I sell the Fl house so I have plenty of cash on hand to do my 6 cabins? or Do I turn the Fl house into a short term rental property and look to finance the 6 cabins? I have some cash on hand, but, the Florida house and NC real estate is 90% of  my net worth.

I have fallen down the paralysis by analysis hole and hopefully your thoughts will help me to dig out.