All Forum Posts by: Joseph Hossenlopp

I agree with @John Underwood that that's actually the best method right now. Where in the Finger Lakes are you considering?

Check out your competition on Vrbo and Airbnb to see how their calendars are and what they are charging per night.

Yeah I’ve started that. I looked at one that looked like it’s booked for 125 days. So I’m thinking 150 days/year. Want to see what others think if that rod realistic. 

Sure, first off welcome welcome. What part of new york are you in? 

In my opinion, the best bet would be to try to get the rentals sooner rather than later, as the old adage goes, it's time in the market, not timing the market, that counts. So, I would definitely tap into your equity if that's what you need in order to get the rental. Unless you're locked in at a nice low interest rate, in which case, you may want to consider combining the cash you do have with a DSCR loan. Your best bet is to start talking to some banks and see what type of products you could qualify for. You could also consider moving out of your current home sooner and renting it, and then using a lower down payment to buy a nicer investment property to live in until you move out of that one. There are lots of creative ways to tackle this situation.

Since cash flow is your biggest priority, I would start by identifying markets with great cash flow (versus those that have an opportunity for appreciation, etc).

Also in terms of down payment, you can use a HELOC on your primary. It will be easier for you to get a HELOC on it now while it's owner occupied. Then you can use the cash flow from the rental to pay it down over time.

Another idea for the down payment would be a self directed IRA if you have one.

Good luck!!  

Hey Joe, congratulations on retiring soon. A DSCR loan would be your best bet. Do you have any properties in mind that you're looking at?

Sure, first off welcome welcome. What part of new york are you in? 

In my opinion, the best bet would be to try to get the rentals sooner rather than later, as the old adage goes, it's time in the market, not timing the market, that counts. So, I would definitely tap into your equity if that's what you need in order to get the rental. Unless you're locked in at a nice low interest rate, in which case, you may want to consider combining the cash you do have with a DSCR loan. Your best bet is to start talking to some banks and see what type of products you could qualify for. You could also consider moving out of your current home sooner and renting it, and then using a lower down payment to buy a nicer investment property to live in until you move out of that one. There are lots of creative ways to tackle this situation.

Welcome and that's an amazing accomplishment! Considering you're near retirement, what's more important to you, managing rentals or receiving passive income? If receiving passive income, have you considered other vehicles to get you to your goal without having to take on (or even learn the skill of) managing a rental property? 

Welcome to BiggerPockets, Joseph!