Question for those of you who are seasoned investors. I am trying to map out the best way to attain the best return on my money. I have saved up $100k over a Lot of years of saving a little bit at a time from an exceedingly stressful job in a field that I would like to be out of before to long. I also have about 55-60k I could take against the equity in my house in keeping with the 80% rule. My question is what is the best way forward? I live in Saratoga, NY and I would like to wind up in the Charlotte area within a few years. I am actually flying down to Charlotte this weekend to spend a week looking at areas and properties there. Ideally I would like to have living quarters possibly as part of an investment in the Fort Mill/Charlotte area, but open to whatever is the best use of the money I have. I have considered loaning the money to flippers, but I have little knowledge at this point about that. What do you see as the most positive option for me?
I appreciate any comment! Thanks
You could take 50k and be a private money lender and make 10-12% returns and use the other 50k to buy a renal. If you find someone local in the Charlotte area you might be able to work a deal where you lend an experienced investor some money, make some interest, but also have them mentor you in the process they follow from start to finish in using your money to acquire an income producing asset. You can make interest on your money and learn the process as well. Just make sure you work with someone that has a track record so you know your investment is safe and the knowledge you are receiving is sound.
Thank you Eddie, interesting strategy. Any ideas where to look for the right indiviual that I might work with in a lending/learning process? I am going to go to a RE investment group meeting while in Charlotte next week, but I am not sure what will actually be there.
I should also add that in addition to the 100k I have liquid, and the 55-60k I can get against my house, I can also qualify for 500k based on my income and expenses, and use the 100k liquid as the 20% down. I would only want to consider taking a loan of that size however if I was CERTAIN any investment would generate enough income to cover the carrying costs. Although I have been in my job for years, I am not sure where my role is headed.