Need some feedback: If you had no bills, no children and more than 50k in savings....

[Arkitech]

what would you do with your life?

Thats the crossroad I'm at more or less. I'm married with no children, no bills outside of a mortgage and I have a decent amount of savings. I'm thinking of take the majority of my money and putting it into several apartment buildings and attempting to live off of the rent. I'm thinking if I can find a good property management company that will help take some of the stress away while I learn the ins and outs. I've been researching this for more than a year now and I think I'm ready to make that plunge.

So just for fun what would you do if you had a similar situation?

 

Be very wary of being a landlord, it's difficult to deal with renters, not to mention taxes and repair bills
Take that money and invest it wisely so you can retire in comfort, think about your future.

 

[Eli]

I would do something very similar.

 

[Skyclad1uhm1]

Move to China and buy a few nice 16-18 year old girls?

 

[skace]

Same situation. Except no wife and more money.

My solution so far has been to continue hording it. Every other solution sounds like work.

 

[Arkitech]

Originally posted by: Roger
Be very wary of being a landlord, it's difficult to deal with renters, not to mention taxes and repair bills
Take that money and invest it wisely so you can retire in comfort, think about your future.

Actually I think real estate is a solid investment, from my limited experience it seems that like anything else the more time thats put in formulating a plan the better the outcome is.

 

[Arkitech]

Originally posted by: skace
Same situation. Except no wife and more money.

My solution so far has been to continue hording it. Every other solution sounds like work.

:Q

Nice dude, whatever you're doing sounds like its working.

 

[hopeless879]

2 chicks at once.

 

[TommyVercetti]

Nevermind

 

[FeathersMcGraw]

You won't be living off the rent until the building mortgages are paid off, unless you can buy the building outright for $50K, in which case I doubt the clientele you'd attract would support you.

 

[Arkitech]

Originally posted by: FeathersMcGraw
You won't be living off the rent until the building mortgages are paid off, unless you can buy the building outright for $50K, in which case I doubt the clientele you'd attract would support you.

Thats the cool thing about real estate investing, there are so many ways to find properties that work for your scenario if you know where to look. Foreclosures, short sales, tax aquisitions, abandoned properties, inheritance properties, inexperienced landlords are all great sources for finding deals.

 

[djheater]

Go to the f@twallet finance forum. They've discussed this a few times. To lazy to search and link for you...

 

[poopaskoopa]

My stepfather rents out apartments. It's working out quite well. It's a 10-unit building, so the profit isn't something you can live on(unless you like to live in a box), but he spends less than 10 hrs/wk dealing with it. It's a nice side income for him, but I suspect it's easy for him because he was in property management biz before he got into it(knows what to do and who to call to fix problems cheaply, etc).

 

[conjur]

Move to NYC!

 

[MrBond]

I'd invest towards retirement. If you have a stable job and a house, keep working and build a nice retirement fund. A job, unlike renters, is over after 8 hours every day. Renters can (and will) call you at all hours needing stuff fixed. Plus if you don't make enough to live off of, you're still going to have to work anyway.

The retirement investment may not generate as much income (through interest) as renting, but there's no extra work involved in sinking the money in a good investment fund.

 

[jjones]

50k in savings is not that much. Personally, I'd do one of two things, continue to work and save or take that 50k to begin a business enterprise of my own. It sounds as if that's what you want to do with your idea about aprtment buildings but I don't see how 50k gets you that much to work with. Granted I'm ignorant about what the details are for your plan but it still seems awfully low for investment capital.

In any case, you do have the right idea about pursuing your own business enterprise. The sooner, the better if you are inclined. I've been working for myself since my late 20's and would never think of working for someone else again.

 

[LordSnailz]

Originally posted by: jjones
50k in savings is not that much. Personally, I'd do one of two things, continue to work and save or take that 50k to begin a business enterprise of my own. It sounds as if that's what you want to do with your idea about aprtment buildings but I don't see how 50k gets you that much to work with. Granted I'm ignorant about what the details are for your plan but it still seems awfully low for investment capital.

In any case, you do have the right idea about pursuing your own business enterprise. The sooner, the better if you are inclined. I've been working for myself since my late 20's and would never think of working for someone else again.

whatever he said ...

 

[Ns1]

hellooooooooooo m3!

 

[boyRacer]

Originally posted by: NeuroSynapsis
hellooooooooooo m3!

 

[Coolone]

i'd say finish paying off the mortgage, then invest in a retirement plan.

If you and the wife plan on having kids, maybe a college fund?

 

[Arkitech]

Originally posted by: jjones
50k in savings is not that much. Personally, I'd do one of two things, continue to work and save or take that 50k to begin a business enterprise of my own. It sounds as if that's what you want to do with your idea about aprtment buildings but I don't see how 50k gets you that much to work with. Granted I'm ignorant about what the details are for your plan but it still seems awfully low for investment capital.

In any case, you do have the right idea about pursuing your own business enterprise. The sooner, the better if you are inclined. I've been working for myself since my late 20's and would never think of working for someone else again.

I'm really stoked about being able to work on my own, granted that 50k is'nt a lot but my goal is use as little of that as possible any how. One of things I really enjoy about real estate and finance is that if you do your homework its possible to control lots of realty with very little of your own money. Of course some money is needed for certain things but being able to borrow large sums of money with little to no money down is a great for newbies like myself.

 

[Liviathan]

Make the money work for you...if you have it just sitting in the bank is a wasting itself. Banks dont pay crap. Invest in real estate...if that sounds complicate find someone you can partner with.....someone that maybe knows the ropes.

 

[notfred]

I would pay off my mortgage.

 

[nativesunshine]

If you had no bills, no children and more than 50k in savings....

Give some to me.

 

[oog]

Have you invested in the various retirement options to their fullest extent? 401(K), IRAs, etc? If not, that is where you should start. If you find you still have money to invest, real estate isn't a bad idea, but you should make sure you do your research in how much of your time it's going to take.