Without giving unnecessary details, I got fairly lucky and ended up flipping my house that I hadn’t owned very long. After various taxes and fees, I should have about $50k liquid that I’m not completely sure what to do with.
In my current area, I could buy another house. The market is fairly crazy and enough of a down payment to have a reasonable monthly payment + needed improvements would eat up most/all my cash. I got pretty lucky on my first buy and getting anything close to it in price and updates probably won’t be possible a second time. I do need somewhere to live, and the market here has some pretty consistent growth.
Another option is to buy some rentals. My parents live in another state in an area with cheap real estate and are already managing several rentals. With my $50k and maybe a little from my savings, I could buy two move-in ready rentals there with $500-600 mortgages that rent for $800-1000. Then I’d obviously just rent something where I currently am, where I have a solid job.
Or… I could do something else. I don’t know what that would be, but I’m open to suggestions.
My primary goal in this is to “retire” as soon as possible, and looking at my parents’ rental properties that they’re living off of, that seems like it might be the easiest route.
Submitted September 14, 2018 at 08:07AM by DoritoJesus https://ift.tt/2p8bC7a
