Im 29 Years old... What Should I do?
I really need advice, I've been in limbo for about 2 years.
- I own 5 free & clear SFR rental houses and 1 nice duplex (personal residence with a 20% equity mortgage on it. All properties located in a stagnant suburban city outside Cincinnati. This town has a HUGE (but very poor quality) rental market which has attracted LOTS of "investors" who are buying properties for $10K. This city is saturated with SSI and food stamp recipients. Very tough to find quality tenants
- Once considered secondary income, the cashflow from the rentals has become my primary source of income that now pays for all my living expenses and a little bit more.
- Due to the saturation of homes for sale on the market, I don't think any of them are sale-able (for retail)... in other words, they're either worth $70K retail or $20K to an investor
- I have bought and sold cars (privately) for the past 6 years as my primary source of income. At the beginning of this year, I decided to turn this into a business and get a license. I very quickly saw that it was counter-intuitive that would result in much less income at best. I recently gave my dealer license back to the state, and because there are so many private wheelers and dealers, this has become a zero source of income
- I have saved tens of thousands of dollars, but I don't feel it would be prudent to buy another property in this city. I am incredibly miserable living here. I want out of the mid-west so bad, but I feel I am STUCK because the cost of living here is stupid cheap and I cant sell the properties because if for no other reason the tax liabilities and no where else to invest!
- I have started several businesses that have failed and I am out of options. I sleep long into the afternoon with no reason to get out of bed. I have money to invest but have no Idea what to do. What would you do?