What to do with 20,000 cash?
I've recently came into a few dollars and I have been interested in multi family small apartments. Any suggestions would help,Such as a broker that specializes in the multi family arena. I reside in Knoxville TN. By the way if multifamily is not suggested, please tell me what is. I am willing to listen to all suggestions and ideas. Thank you in advance.
Most Popular Reply
Air ticket to Vegas and take your chances on the roulette wheels...
Just kidding! Please don't do that.
I actually asked an experienced investor the same question not too long ago. Pretty much exactly what you are asking and I found his answer interesting as it was not what I had expected.
I told him I was planning on putting a down payment on a primary residence and moving out of my existing one in order to rent it out. I also said if I find something that would rent well I would use that money for a downpayment.
He told me not to go that route.
He said to invest my money in direct mail marketing instead and find deals. He told me if I find deals, finding money would be easy. I have come to realize this to be 100% accurate. I haven't had any trouble finding money when a good deal is present.
I don't know about the Knoxville market, but in my market there is nothing on the MLS. Everything is direct mail. There are many ways to invest $20k. Explore your options and make a decision. Once you make a decision the rest is easy.