100K and Nine Years to Replace Income
Hey everyone. So here's the scenario. I am a straight up H.E.N.R.Y. An unapologetic HENRY but a HENRY nonetheless. I love my job for the following reasons - Great 401K match, I write my own schedule, Allows me time with the family whenever I Need it, Great benefits, well above average pay, rewarding, fun, and all the things. I tried diving into syndications (which I still may do in the long run) but realized the timing wasn't right and i want to spend time with young kids and don't mind my job. So I'm in no rush. My question to the group is...
I have 100K available to me via a HELOC with a Prime minus one interest rate (currently 7.5%) and a 20 year AM. If you were in my shoes, what would you do to create a minimum of 5000/month in 9 years or less. I am currently dabbling in private money lending. Current deal is 15% for 6 months. It's a start. Parameters are that I want it to be 80% or so passive. I don't want to talk to tenants, or brokers, or bankers, or sellers, etc. For now, I am more than willing to sacrifice returns for peace of mind, time with kids and hobbies. I've done all the other things and realized it just ain't for me right now. Look forward to hearing the answers!!
MG