DO MORE HOMEWORK!

A good friend of mine vacations in that area a lot, but I've never been there.

(As I navigate my service business, I've realized that there are more lucrative avenues available.

Sapphire is much more of a vacation home community.The deciding factor for me was that Sapphire and Cashiers don't have a lot to do, except for golf and hiking.

Here’s a breakdown of my numbers:Primary Residence:Estimated Value: $340,000Remaining Mortgage: $187,000HELOC Balance: $76,000 (fully utilized)Remaining Equity: $77,000Rental Property #1:Estimated Value: $110,800Remaining Mortgage: $60,000Equity: $50,800Cash Flow: $375/monthRental Property #2:Estimated Value: $215,000Remaining Mortgage: $115,000Equity: $100,000Cash Flow: $350/monthOther Income:$1,500/monthMy DilemmaI'm considering taking out a Home Equity Loan (HEL) on my primary residence to:Pay off the HELOC (eliminating the variable rate risk).Use the remaining cash for a down payment on another rental property (~$150K purchase price with 20% down).Estimated cash flow: ~$150/month in year one.Alternatively, I could save up for the down payment instead of leveraging more debt.

So happy to connect on zoom to share more.

(You say it’s worth about $100k more than you’re paying so figure an extra $15k.)Maybe you’d be better off partnering with the parents unless they have zero interest?

Or an area that is growing, has more potential, but less cash flow? 

Lenders typically require a resume for the GC involved in the borrower's project to assess their qualifications.When it comes to a GC getting funding for their own projects, while some lenders will take your experience as a GC or builder into consideration, most primarily look at your track record as a borrower on title when determining approval and pricing.That said, if a lender deems your experience sufficient, they may allow you to act as the primary GC on your own project instead of requiring you to hire a more experienced GC. 

We have experienced a tech boom of more than $50 billion around the city in the past five years.