Need advice on next step

[Thomas Daugherty]

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.

[Drew Sygit]

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.