Need advise on 3 million dollar investment
I’m a young relatively inexperienced guy starting out in real estate. I have friends who have several single family homes and a uncle that owns a apartment complex. I’m a hustler and a go getter and willing to put in all the effort needed to succeed.
I have a bank loan of 3 million dollars at a 10% interest rate. It’s due in 15 years. I have several ideas of how I’d like to deploy it and earn a good return. But I do want to invest a portion of this money into real estate to generate a good return. What would you guys recommend investing in? I was doing my homework and it looks like mobile home parks and apartment buildings are the way forward. I don’t mind relocating anywhere in the United States (I’m from New York) as long there’s a good deal.
I was looking into some turn key providers but dismayed at the low returns they’re offering. Though if I refinance the properties I could juice up the return on my end. It seems like I should buy distressed broken down properties and fix them up to get the biggest bang for my buck.
What would you guys recommend? I’m a little bit lost and some guidance would be appreciated