What to do with one million dollars?

New to Real Estate · 11104 · Member since 2022 · 8 posts · 4 votes

I had an excellent year in my primary business. After taxes and reinvestment, I am still left with a lot of cash on hand. Already have a lot of money in the stock market and a little bit in real estate. I have three rentals in cape coral, Florida (swfl by ft Meyers). I wanted to see what real estate investors with experience would do with 1 million dollars

3 Reply

138 views

Most Popular Reply

Russell BrazilBusiness Member

Moderator

Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes

[email protected]301-893-4635 Podcast Guest on Show #192

District Invest Group545 Reviews

Website View Page

12 Reply

See this reply in the discussion

43 Replies

Jump to latestLatest

Sort by

Joe VilleneuvePro Member
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
4y
Lend it to me. I'll pay you 15% interest for 12 years with a balloon.
8 Reply
Zambricki Li
Real Estate Agent · Los Angeles CA + Lake Tahoe, NV and CA · Member since 2021 · 180 posts · 158 votes
4y
If I were you and wanted to stay local…I’d work with my data company (The Share Group), hire some ISA’s, and buy off market properties cash direct from owners and brrr them until it was 5m.

OR

Buy STR's off MLS in Florida with traditional financing(you probably could explore a trust loan or DSCR), gulf coast area by where you live. Start cash flowing and build up a portfolio of really fun houses for my families wealth and future. (Talk to @Luke Carl if you like this option)

For me personally I’m west coast so with 1M I would grab a few props that worked as both LTR + STR in Reno, Tahoe, and get right back to making my next M.

3 Reply
Michael King
Rental Property Investor · Navarre, FL · Member since 2019 · 913 posts · 640 votes
4y
Crypto.
1 Reply
Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
4y
[email protected]301-893-4635 Podcast Guest on Show #192
District Invest Group545 Reviews
Website View Page
12 Reply
Brian G.
Rental Property Investor · Los Angeles, CA · Member since 2013 · 1k+ posts · 1k+ votes
4y
@Zambricki Li I heard they are not issuing new permits for overnight rentals in Tahoe. Is that true?
0 Reply
Austin Drew
Rental Property Investor · West Palm Beach, FL · Member since 2019 · 155 posts · 57 votes
4y
Look into STR's in South Florida
0 Reply
Marshall Magnus
Rental Property Investor · Edmonton · Member since 2020 · 54 posts · 38 votes
4y
I am with Joe to some extent. That seems like a leap that would best be handled by someone who is familiar with that volume of holdings. You may be the person who can optimally scale, leverage and control that size of Real Estate holding, but why not put it in the hands of someone who can certainly do it.
Either way it sounds like you are probably already quite gifted, I’m sure things will work out for you no matter what you decide.
3 Reply
Joshua JanusBusiness Member
Realtor · Cleveland, OH · Member since 2021 · 1k+ posts · 1k+ votes
4y
Pay cash for STR in Columbus, Ohio.
[email protected]614-502-5316 Podcast Guest on Show From DoorDasher to $1.5 MILLION in Real Estate (All at 22 Years Old!)
0 Reply
Dustin Allen
Real Estate Agent · South Lake Tahoe, CA · Member since 2016 · 680 posts · 644 votes
4y
Originally posted by @Brian G.:
@Zambricki Li I heard they are not issuing new permits for overnight rentals in Tahoe. Is that true?

This is not true. There are 4 counties that make up Lake Tahoe and each has their own rules and restrictions. Right now it is "possible" to get a permit in each of the counties. It is much harder in some than others and not always certain.
South Lake Tahoe - No STR permits in residential zoned areas. All other areas ok
El Dorado County - 900 permit cap inside the basin with 110 on the waitlist. 500 foot buffer zone rule county wide
Douglas County - 600 permit cap with a waitlist lottery that you have to reapply to annually until you win a permit
Washoe County - Allows STR permits, may be prohibited by certain HOAs
Placer County - Moratorium on STR permits but will allow a buyer to get a permit if seller had one in good standing
2 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
4y
I would keep doing what ever your doing to earn 1 mil a year after tax .

but if you want real estate you might want to consider NNN for the busy professional or syndiction . Unless you really dig working with PM's and tenants etc.. As well as some diversification into Notes for consistent cash flow with out the TTT issues.

Best of luck with what you choose..
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
8 Reply
Adam David Graning
Rental Property Investor · Minneapolis MN (minneapolis, mn) · Member since 2020 · 50 posts · 28 votes
4y
That's amazing, congrats! I love the Cape coral market. I have one STR there and a pending offer on a second!
1 Reply
Hai Loc
Specialist · Toronto, Ontario · Member since 2012 · 2k+ posts · 891 votes
4y
@Joshua Janus
Where? Short North?
0 Reply
Hai Loc
Specialist · Toronto, Ontario · Member since 2012 · 2k+ posts · 891 votes
4y
@Zambricki Li
You think STR close to Disney World still has potential?
0 Reply
Joshua JanusBusiness Member
Realtor · Cleveland, OH · Member since 2021 · 1k+ posts · 1k+ votes
4y
That is the best STR area in my opinion, yes.
[email protected]614-502-5316 Podcast Guest on Show From DoorDasher to $1.5 MILLION in Real Estate (All at 22 Years Old!)
0 Reply
Mike Vasilyev
Member since 2022 · 1 post · 0 votes
4y
I am a complete newbie to real estate investments so have nothing to contribute as far as advise. I am in the same situation tho. Have 1m to invest and lookin for ideas outside equities.
0 Reply
Zambricki Li
Real Estate Agent · Los Angeles CA + Lake Tahoe, NV and CA · Member since 2021 · 180 posts · 158 votes
4y
Originally posted by @Brian G.:
@Zambricki Li I heard they are not issuing new permits for overnight rentals in Tahoe. Is that true?

Depends on the county you are in. South Lake 100% banned. Right now on the lake you can do STR in
-Incline Village, NV
-some permits transfer in Placer County, CA which is a large swath(most famously King's Beach on the Lake). They also may open it back up.
The Nevada side of South Lake is Douglas County,NV and currently paused at 604 permits- they may open up.
There is also the workaround which is co-host with the seller and use their existing permit if they had it as as airbnb prior though that would have to be a great relationship with your seller from the start.
There is an argument for King's Beach, CA side- the prices got dinged when they paused permits so if you could make it work they will likely open back up at some point and you would be set to jet with your duplex/expansion/remodel finished in the downtime if you were inclined to do that type of value add. Popping a mother in law suite in any of those SFR's would make it almost work as a 28+ day rental for both and you wouldn't need a STR permit.
0 Reply
Zambricki Li
Real Estate Agent · Los Angeles CA + Lake Tahoe, NV and CA · Member since 2021 · 180 posts · 158 votes
4y
Originally posted by @Dustin Allen:
Originally posted by @Brian G.:
@Zambricki Li I heard they are not issuing new permits for overnight rentals in Tahoe. Is that true?

This is not true. There are 4 counties that make up Lake Tahoe and each has their own rules and restrictions. Right now it is "possible" to get a permit in each of the counties. It is much harder in some than others and not always certain.
South Lake Tahoe - No STR permits in residential zoned areas. All other areas ok
El Dorado County - 900 permit cap inside the basin with 110 on the waitlist. 500 foot buffer zone rule county wide
Douglas County - 600 permit cap with a waitlist lottery that you have to reapply to annually until you win a permit
Washoe County - Allows STR permits, may be prohibited by certain HOAs
Placer County - Moratorium on STR permits but will allow a buyer to get a permit if seller had one in good standing

@Dustin Allen I may fight you on this one a lil bit;) South Lake, CA allows it in the hotel zone though there are not really avail props in the zone. I have looked into that industrial/hotel zone area it is slim. The residential area is so huge it really burns the option to turn any SFR into a STR and there are not really condos there. I have considered buying one of those old 70's hotels in the zone and converting it to modern Airbnb. Other than that kind of wild west behavior, what cha got? Hope you and the fam are well long time no see.

0 Reply
Zambricki Li
Real Estate Agent · Los Angeles CA + Lake Tahoe, NV and CA · Member since 2021 · 180 posts · 158 votes
4y
Originally posted by @Hai Loc:
@Zambricki Li
You think STR close to Disney World still has potential?

Yes, I absolutely do. Disney area is built on tourism and likely friendly to STR. @Luke Carl can probably answer that more specifically

1 Reply
Luke CarlPro Member
Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
4y
Originally posted by @Zambricki Li:
Originally posted by @Hai Loc:
@Zambricki Li
You think STR close to Disney World still has potential?

Yes, I absolutely do. Disney area is built on tourism and likely friendly to STR. @Luke Carl can probably answer that more specifically

Yessir Kissimmee Davenport is good to go for self managers and prices aren’t bad. Lots of product but pretty easy to stand out in the crowd.

Podcast Guest on Show From Surviving on $30/Day to 30+ Properties Thanks to Blue-Collar Skills
1 Reply
Dustin Allen
Real Estate Agent · South Lake Tahoe, CA · Member since 2016 · 680 posts · 644 votes
4y
Originally posted by @Zambricki Li:
Originally posted by @Dustin Allen:
Originally posted by @Brian G.:
@Zambricki Li I heard they are not issuing new permits for overnight rentals in Tahoe. Is that true?

This is not true. There are 4 counties that make up Lake Tahoe and each has their own rules and restrictions. Right now it is "possible" to get a permit in each of the counties. It is much harder in some than others and not always certain.
South Lake Tahoe - No STR permits in residential zoned areas. All other areas ok
El Dorado County - 900 permit cap inside the basin with 110 on the waitlist. 500 foot buffer zone rule county wide
Douglas County - 600 permit cap with a waitlist lottery that you have to reapply to annually until you win a permit
Washoe County - Allows STR permits, may be prohibited by certain HOAs
Placer County - Moratorium on STR permits but will allow a buyer to get a permit if seller had one in good standing

@Dustin Allen I may fight you on this one a lil bit;) South Lake, CA allows it in the hotel zone though there are not really avail props in the zone. I have looked into that industrial/hotel zone area it is slim. The residential area is so huge it really burns the option to turn any SFR into a STR and there are not really condos there. I have considered buying one of those old 70's hotels in the zone and converting it to modern Airbnb. Other than that kind of wild west behavior, what cha got? Hope you and the fam are well long time no see.

Close, the City of South Lake Tahoe banned STRs in residential neighborhoods. That means they're available in any other zoning area. A duplex just came and went in the Tourist Core in 1 day. Buyer could convert it to a single family residence, sell the banked Residential Unit of Use for about $25-30k, and get a Short Term Rental permit for the property. Now they would have a 4 bedroom STR less than half a mile from Stateline.
There’s opportunities still. They’re scarce and you have to be fast and decisive.
0 Reply
Brian Maloney
Realtor · Orlando/Kissimmee/Davenport · Member since 2020 · 12 posts · 9 votes
4y
@Luke Carl is correct. Kissimmee/Davenport/self manage can’t go wrong if you can stand out.
0 Reply
Sunny Alexander
Real Estate Broker · Tampa, FL · Member since 2020 · 103 posts · 74 votes
4y
STR in South Tampa may be a good fit for you. Ideally, a duplex and STR both out!
0 Reply
Denis Brown
OP
New to Real Estate · 11104 · Member since 2022 · 8 posts · 4 votes
4y
@Sunny Alexander is the st petes area a good str marker?
0 Reply
Denis Brown
OP
New to Real Estate · 11104 · Member since 2022 · 8 posts · 4 votes
4y
@Jay Hinrichs I plan on it but where can I find information on a syndication
1 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
4y
try these 3 BP members:

@Brian Burke

@Ivan Barratt

@Ben Leybovich
They are all active in syndication.
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
6 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.