Advice on a Strategy for Investing for Passive Income
My wife and I are closing out the sale of our rental unit in Portland, OR this week. Using a 1031 exchange we are wanting into investing out of state, preferably in Texas and/or North Carolina. We have travelled to Texas twice in the past 6 months to look around and my wife is flying out to Charlotte/Raleigh next week to check out neighborhoods there. Our primary goal is to establish a decent 'passive' income from the long term rental of whatever units we purchase. We are shying away from short-term rentals, due to the inconsistent cash flow month to month. We are in our mid-50's and would rather not carry any more debt by assuming new mortgages, unless it is necessary. My question is in regards to what the best strategy may be to capitalize on the wealth we are investing. We are looking at approximately $525k (cash) that we need to spend.