Updated over 3 years ago on . Most recent reply
Need advice on next step
Hi bigger pockets family. I need advice! I worked as a corrections officer for 23 years. It was awful and I had no pension. So I quit. My wife supports us right now. I'm 47 and for the first time have no w-2 job. I took all the money from my 401k and a HELOC loan. I have $105,000. I'm in the process of buying an STR property. I have run the numbers over and over. It seems like a good investment.
My question is with the remaining $45000 should I invest in a long term rental? I'm in the Jackson Michigan area and there are a lot of rentals in the city. The problem is the city is not very good.
I can get a triplex for around $100,000. I am just worried I will have so many problems as to not make it a good investment.
Any comments or ideas or advice is greatly appreciated. Thanks in advance.
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#1 All Forums Contributor
- Property Manager
- Royal Oak, MI
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#1 All Forums Contributor
- Property Manager
- Royal Oak, MI
Recommend not jumping in too deep.
Run your STR for 6 months and see how it goes. Your results and learning curve will help dictate your next move.
- Drew Sygit
- [email protected]
- 248-209-6824
