If this were you, what would you do?
If the below was representative of you & your position what would you do to take full advantage of the inherited capital and launch your REI business?
- - Recently inherited roughly $250k
- - Long-term goal: Passive cash flow of $5k per month from buy and hold investments. With a balanced portfolio of high cash flowing properties & high appreciation properties that also cash flow)
- - Primary residence is in Austin Tx
- - Very attracted to the BRRRR model
- - More than willing to invest out of state. Will not invest out of country (yet :))
- - Capable of and would enjoy doing the majority of the rehab work if the property were in or close to Austin
- - Obtaining a mortgage likely not an issue given W2 income, credit score & DTI
- - The only market with applicable relationships (to help until a reliable team is established) is in Jacksonville, FL
- - Have 20 - 30 business hours and 10 - 20 outside of business hours per week to dedicate to this effort(s)
- - Have been learning REI like a machine for the last 6 months and ready to move on 1st deal now
- Thanks in advance!