Paid off Rental Property!

[Will Mejia]

I just paid off a rental property in Chicago. It's worth about 500k in equity.
The rental is giving me about $3,900 rental income a month.


I dont have another property. I had a second one but sold it in 2024 and invested it's earnings in the stock market and so far so good.
Anyway. Any ideas on what I should do with 500k in equity? Or should I just not do anything at all?
I do not want another traditional rental property. Dealing with repairs, contractors, tenants etc is something I got sick off.

A relative is renting out a garage in some empty lot and the thought crossed my mind of maybe buying some lot for car parking but I havent yet done any research on potential ROI on it yet. But wanted to ask here what other people have done or if you have any ideas. Again I am not buying any more rentals (i'm making more in the stock market without moving a finger).

[Joe Villeneuve]

Assuming when you say "$3900/mo in rental income" you mean cash flow.

That means it will take you about 13 years of rental income to equal the $500k in equity you have now.  I know you don't want to deal with tenants and their problems, so why not either:
A - Buy a NNN property where you don't have those problems, but still have cash flow,...or

B - Take your $500k, and partner up with another investor where they deal with the tenants.