Hey, folks! So, here’s the deal – I’ve got this sweet setup going on with my properties and I’m looking to make some moves. My main crib is valued at around $600k, and I’m raking in a cool 50 to 60k a year by renting it out on Airbnb. I still owe about $180k on that one. Then, I’ve got another home worth about $350k that I stay in when my main spot is booked, and guess what? No mortgage on that baby. Living the dream, right?
But wait, there’s more! I’ve got a couple of rental properties in my portfolio as well. One’s worth $350k, no mortgage, and I’m pocketing about $1000 a month from it. The other one is in the same ballpark value-wise, but I still owe $150k on it. That one brings in around $500 a month in sweet, sweet rental income. And last but not least, I’ve got this old home sitting on 5 acres of land, valued at around $50k.
Now, here’s the plan – I want to take advantage of that $250k exemption on my primary residence and then switch things up a bit. I’m thinking of making my second home my new main squeeze, wait a couple of years, snag that exemption again, and then transfer my tax base to a fresh property. Ideally, I’d like to sell off my main home down the line (within five years).
But here’s where it gets tricky – I want to sell off my rental properties first and use that cash as a down payment on the new digs. In a perfect world, I’d turn the new place into another rental while also crashing there when it’s not booked. The only hiccup is that my income comes from Airbnb and rental properties, which I won’t have once I sell them off.
I’ve been looking into DSCR loans, but they don’t allow for owner-occupied properties. So, I’m kind of stuck at a crossroads here. Any bright ideas or suggestions on how I can navigate this maze and make my property dreams a reality? Hit me up with your thoughts, I’m all ears!