Hi. My life seems it’s at an inflection point. I recently lost my job. I need to quickly and soundly and carefully determine how to regain some cash flow income stream, potentially utilizing two homes I own. My husband still works, and he has a consulting business, so for now we are ok, not great but not yet dire, he works 100% remote so only if it makes financial sense moving OOS to fulfill next step to get to financial freedom- it is an option .
current picture.
-own 2 homes, we live in very high price housing market, and own one primary home with equity of $5-600,000 at mortgage interest of 4.5%, and the rental property I own in the same Orange county area equity is $1200,000 or more at 2.5% mortgage so I will most likely never refinance.
-I'm starting to look into Heloc and DSCR loan.
-have some saving but don’t want to tap into it too much. Cash if needed, $30,000-40,000 max.
-don’t know what to do. Best options seem so far
-Airbnb arbitrage? Where is a good market for this?
-buy OOS duplex and live in one and fix it to rent Airbnb, while the other unit is being rented out. Some type of house hacking/str scenario—- idk if Orange county or SD is even realistic to consider house hacking w what above equity can pull, given such high price of homes. Plus there aren’t many duplex in oc, SD might I’m not sure.
-BRRRR-never done it, don't know where to do it. Seems like a good method.
-just buy an OOS rental property with heloc to down pay and use DSCR loan. Idk where. This option may not be ideal if cash flow would be so very small, or difficult to find cash flow property due to high interest, because if there it isn't cash flow property loan won't be approved.
I need some cash flow to overcome my recent termination, $1-4000 would be good, much less than my w2 income but won’t be greedy. because not just looking for cash flow.
I always have been interested and own two homes but don’t know beyond that and very very stressed with a young child and uncertain future.
