What To Do With $60,000
I will be receiving approx $60,000 from a house that Ive built, and sold. I'm looking for advise as to what to do with the proceeds. I will probably take a small chunk and rebuild another home, but with the remainder should I buy a small apt complex, several houses, or a self storage facility ?. PS I'm in SE Michigan. Thanks
Don't overlook the emotionally rewarding possibility of making a donation to me! ! !
There are many avenues for investment that can either make or lose you money depending on how you structure them. Everything you listed could be a win or lose.
What are you interested in doing? What are you goals? There is not one right answer.
Yes, there nothing quite like those emotionally rewarding possibilities.
But seriously, have you looked into doing a 1031 exchange? Have you already closed the deal on the house? It would be a shame to pay a lot in taxes if all you're really looking to do is move money from one real estate investment into another.
But if that's all said and done and now it's just a question of what to do with the money, then I would vote for the apartment complx. I'm liking self storage facilities more and more, but they tend to require 24 hour access in order to be competitive. Apartment complexes will need management as well, but you'll probably sleep better with that sort of investment than with a self storage. I would avoid going the several houses route. With several houses, there are some nice benefits, such as diversification. But you'll have more closing costs, less cash flow, and will feel the effects of vacancies much more than with an apartment complex.
Let's see what everyone else says. there are lots of different strategies on this site, and many have found different paths to success. Good luck.