What to do with $3 million?
Quick question: If you had $3 million to invest in real estate, what you would do?
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Back Story:
So I've been in the residential buy and hold market for several years, mainly focused on duplexes. We've started working on growing buy purchasing a few mixed use resdiential/commercial 4-plexes. Our long term goal is to 1031 exchange our duplexes and keep moving up in size to apartment complexes and commercial spaces.
Recently a friend came across some (very) good fortune and won the lottery. He approach us about investing with us. He has several million that he is looking to invest. He wants his money to work for him, and doesn't want to be involved in the actual business.
As I have not done much in the larger complex and commercial space, I'm just looking for some general thoughts/guidance on how people would go about investing this money. The guy has the money in CDs right now and is in retirement, so he is just looking for a modest return so he can live off the interest.
Thanks in advance.