I don't expect anything sympathy for this post, but in need of some advice from some more seasoned investors. My husband and I purchased a vacation rental about a year and a half ago. Our plan was always to buy long term rentals, but we got a really good deal and decided to purchase the property anyways and give short term rental a try. Fast forward to amazing interest rates, we decide to refi, our lender tells us we should list it, his wife being a realtor. A week later and offers insanely over asking we are looking at about 250/275k that we need to dump into another property (1031 exchange obviously). I KNOW- terrible problem to have, poor us! Luckily we have been focused on buying out of state (we are in California, looking to buy multi family in Arizona) and have done our homework. So we were ready for this, but the capital was nothing we ever dreamed of. Things on my mind; do we buy 1 8-plex and use commercial financing? Do we take advantage of low interest rates and buy 2 2/3/4 units with conventional loans? We also are looking to relocate out there so we could possibly FHA one as well? My husband and I feel comfortable at 8 doors, but what is the best combination? It's a lot to unpack and any advice, books, podcasts you guys recommended would be amazing. *please note we are currently working with a realtor in the Phoenix area and I'm not trying to waste anyone's time so please only feel free to respond with your own experiences if you'd like. Thanks BP community!
