If you had a million dollars cash what would you do?
I find myself in an interesting position. I'm a total newbie with access to a million dollars. I know it sounds ...well, actually I have no idea how it sounds. A million dollars might sound like an outlandish sum of money to some people ( me) and to others maybe its standard. Where to begin? I can imagine starting off with little to no money in a wholesaling enterprise. Conversely, if I felt comfortable with the financials and had experience I would start building a portfolio small apartment buildings? Maybe? I don't know. I'm incredibly excited about starting my real-estate investment career. I'm itching to make a move. But which direction do I go?
Goals: To turn 1 million into 5. That's what I've got. I'm open to any strategy that gets me there.
I live in a college town. I just relocated here. It's a desirable area with a lot of deep pocket folks who are ready to scoop up deals. Property usually sells for $100,000 over its assessed value. There's usually a bidding war. This is not the town to find deals.
Close by are a few small cities with great deals and a lot of problems. Holyoke MA, and Springfield MA. There are other areas, West Springfield MA, and Easthampton MA, that seem promising but I don't know much about. I'm in the process of learning those markets.
I don't want to be a passive investor. I want to work, learn, and grow as a entrepreneur. Some entrepreneurs I'm currently inspired by are Clayton Mobley of Spartan Investment in Birmingham Alabama, and Seth Weisman of CityShares in NYC. Both have an extensive business background. These guys are smart as hell.
I've been reaching out to local investors for advice. They're not responding. So, I put the question to you. If you had a million dollars what would you do?