Have $500k to start RE investing- wwyd?!
It’s fun to dream about situations like this, but I’m not dreaming... And I do NOT want to screw this opportunity up. Asking for real advice.
We sold our Denver home for $800k, a cash offer, we close in exactly one month. We are moving to GA or SC, as I've always wanted to live in the South, and I have family there. ("We" is my husband and I, btw.) I want to start investing in real estate immediately- we need passive income, as neither of us likes to work a typical 9-5. I am thinking that rentals (with great hired PM, of course) is the way to go. I'd like to buy several SFH's, or multi-fam/duplex/triplex etc., outright with cash, so the income is immediate and I can re-sell easily, etc. Is this a solid plan, or am I not thinking of something?! Is there another avenue I should be considering? You know how you can get in a mental rut and get tunnel vision, and overlook the extremely obvious right in front of you?? I do not want this to happen to me, and because I'm new to RE, and investing, I fear I could be missing out hugely.
If you were me, what would you do?