What would you do with 65k cash?

3 Replies

That is a great question...You have your goal now you need an investment technique, plan of action and exit strategy.

First:
You have a great goal but based on the money you have to invest it is going to be tough to meet your goal so you are going to need an investment technique that will allow you to invest without using capital and due to the current market you will also need to use an investment technique that also will not require use of credit (investment properties need a lot of money down in this current market so credit is useless without the capital).

Second:
How much time and effort can you put into investing to reach your goal? not all investing techniques are the same regarding time investment, so based on your work and life schedule how much time can you commit to reaching your goal?

Third:
How committed are you to reaching your goal? Based on your history of following though on things in your life will this goal be obtainable or is it just another dream?

Last:
Why do you want to retire? If money is no longer an issue what are the things you want to do in your life?

I know it is a lot of questions but asking yourself these questions now will help you to create a clear picture of what you want, what you are willing to do to achieve it and will help you create a map to get there.

Good Luck.

Marv Rousselow

Hi Danielle,

I'm hoping it is possible! Our strategy is to buy multi family and rent them out, we purchased our first in January and waiting to close on the second. We plan to purchase another house each of the next two years, then continue to roll the profits from all of them into purchasing more property. Even using our more conservative numbers, these first two properties should be giving us $12k per year, with plenty set aside for the major repairs I know are coming.

I think if this strategy appeals to you, you have to invest carefully in homes that will cash flow well (look up the 50% rule) and will return your investment quickly- I am aiming for 4 years or less to recoup my down payment and closing costs from each house. It will help if you can continue to work your other job and set aside more money for purchases each month. Keeping a reserve fund for WHEN things go wrong (vacancy, lots of repairs, etc) will help too.

Best of luck,
Kelly