Extra $$$ Money, what should I do?
Hi everyone ...
Looking for some great suggestions. My story:
Currently I have investments in a couple mutual funds, 401K, and roth.
All my extra income from my job is going into my employers 401k as they match .50 to the dollar up to a certain percentage. So don't want to give up free money.
I have $40,000 cash in my savings account which is all the liquid assets I have, even for emergency money, etc.
I would like to diversify my portfolio with real estate. Preferably with rental property, but not opposed to fixing & flipping. Would like to use as little of my cash as possible, if that's possible.
I currently own a 3b/3b home that has about $100k of equity. Honestly, I don't need this much house, so this could be a rental. I could easily live in a 1/1 or studio if it will make me more wealthy.
Current mortgage (PITI) + HOA is $1400 month. Going rents are $1500 month. property management would be 8% or $135 month.
If you were in my situation and what you do? How would you take $40k cash and turn it into much more money?
Thanks