I'm about to be in the process of refinancing multiple properties due to a recent divorce. I'm planning on taking out a HELOC, as well as pulling out the equity from the other properties. I have a very high paying side hustle, I'm a homeschool mom, and don't have the time to find my own deals. I own 3 short term rentals in the panhandle of Florida as well as a small mobile home park. They all cash flow very well. I live in Texas, but I frequently fly back-and-forth to Florida to keep an eye on my properties. I don't know a lot about buying from wholesalers, and I'm not super confident that I know how to run the numbers to make sure I'm getting a good deal. I learn fast, but I really can't take on a lot of added stresses at the moment but I need to put this capital to work. What would you suggest in my situation? Investing in a syndication? Becoming a lender? Sell a property or two since the market is so high? Staying in my wheelhouse of short term rentals because that's what I'm comfortable with? Am I able to "sit on this money" until I find an investment without penalties from taxes? How do I go about finding a good wholesaler in the area I'm looking at? what resources\books would you recommend that would explain the basics and what I need to know? The properties I have now were all acquired the traditional route with a realtor on MLS. I hope this makes sense, as I'm sure there are other single moms on here and/or new investors that still have full-time jobs and busy schedules.
My experience is that all investors are different. There are some investments that are good for some, that others wouldn't be interested in. Most people will shy away from advising you to go in a particular direction, instead they can give you pros and cons of what they do. Advice given to me in the past is to decide what the long term goal is, and what your financial and time requirements are short term. Evaluate which option best aligns with your needs. Definitely do research before making a decision that you may regret in the future!
The authors of this book have a podcast that rotates through different topics like the investments you inquire about, it may be worth looking into: https://go.wealthwithoutwallst...
I like HML. Lucrative. Low amount of work.
Is that hard money lending?
@Brittney WIlliams - Wow, you’re already a Rockstar. My vote is to stay in your wheelhouse, for now, and take time to process options.
Thank you Anthony. I sure don’t feel like a rockstar in real estate, so I appreciate that comment. I feel like there’s so much I still need to learn it’s a bit overwhelming looking at all the options.
@Brittney WIlliams your killing it!
I would stay in you wheelhouse sense you already know what to expect I know you said you can’t handle more on your plate if you stick to what you know then you will know what to expect. Would definitely not sit on the money! Hopefully this helps!
I would suggest investing in Syndication deals to put your capital to work and will not take too much of your time. You just need to find the right syndicator with a good track record. You should check out https://verivest.com/, they do background checks for sponsors and verify critical information to help you decide where to invest and track how your investment is being managed. You can start with books like "The Hands-off Investor" by Brian Burke and also listen to podcasts like "The Real Estate Syndication Show" by Whitney Sewell. They can definitely add insight on investing with Syndications. Hope this helps!