All Forum Posts by: Account Closed

I am out of state. My first rental was turnkey. Eight months later, I bought a property off the MLS that was pretty much "turnkey". I was able to get ~ $10k under asking on the latter. From contract to close on the second rental, the process was the same as turnkey. I handed off the second rental to the initial PM.

@Matthew Middleton - You will be moving soon.  Rent and maintain your mobility.  Keep your money liquid until you have a solid plan in place. 

Make sure your personal finances are in order.  For example - clear any debt you have.  Then, do absolutely nothing until you have educated yourself.  Give yourself a few months to let it sink in.  Other than that, put it in a savings account and get back to work.  Don't let your emotions make you lose $150k.

@Akeem Moreno

I would save more and keep educating myself.  Get rid of that credit card debt too.

When you find a opportunity and have a solid strategy in place, pull the trigger.  You will also be well capitalized.  

If I were in your shoes I would let a PM do all of that.  It's a justifiable cost of doing business.  You're out of state.  

What if your girlfriend brother becomes unreliable?  What if he finds a job that demands more of his time?  You see where I'm going?

Make sure whatever you're using the $60k for is worth it.  Consider what $60k compounding for 20+ years can do that requires zero work on your part.  

Do both.  Your income will support this.

Assuming you do not need any of this cash flow while in college...

$80k - Vanguard Total Stock Market Index Fund (100% passive)

$20k - Savings account (learn more, enjoy college, maybe make a few small loans, etc.)

Don't do anything.  

When you've won the game, stop playing. 

@Tony Mann - Try calling a local PM and see if they will place a tenant for you and that's it.