Hello everyone -
Let me present this scenario to you and see how you would handle it…
You have $1 million cash in hand. Your primary residence is paid off. You live in California (Bay Area or Southern California, where the average home price is ~500K+).
How would you turn that single million into many million over the next few years?
If this is too broad, then set the goals to turning the $1 million into $5 million over the next 8-10 years.
if i had a million and was willing to work, i’d develop property in
st george, utah. i’d turn it into 8 million in about 2 years.
if i didn’t want to work, i’d invest in a TIC property that returns about
8.5% and live off 85k/year.
;D
I would find a myriad of people across the country that you could use to purchase real estate for you, renovate it and split the profits with. There are plenty of deals out there where you can make a nice income annually which is way better than what banks wants to pay you on a CD. It is also a good way to keep all of your eggs out of one basket. Ready cash always makes a deal go faster and smoother.
Learn how to retail, or become a contractor, but there are plenty of ways to make big money in REI without using all that money…like options.
Or you could learn how to landlord, but thats pretty tricky a lot of the time, youd have to learn a lot about asset protection. If you want a course for landlording and renting, Id buy Lou Browns course.
Beaver124
if you have a million and don’t know how to turn it into more millions, then you probably got real lucky or inherited it.
in this case i’d try to be real conservative with it and make capital preservation my number 1 goal. making more money is a number 2.
put it in a safe place until you understand how to make money in real estate. if you dont know what you’re investing in, someone will find out how to screw you out of it.
If your not sure you want to put it into real estate, you could always put it into a conservative stock or bond but if youre sure REI is the thng then maybe REITs would be good.
Beaver124
Diversify! Don’t put it ALL in any ONE stream. Get yourself a financial advisor and diversify! Stocks, real estate (can do this through REITs without getting your hands dirty), bonds, etc. NEVER PUT ALL YOUR EGGS IN ONE BASKET!
And don’t forget to give some of it to people who need it…charity always comes back 10 fold (both in money and spiritual well-being).
;D
I agree with Jean on this one…find other people who will do all the dirty work, you provide the financing for 1/2 the profit!
If you wish to invest in New York (not the city) Real Estate, I’m raising my hand as an interested partner with you!
Don’t use all of it this way however, be conservative with some of it in stocks and mutual funds. Unless you really know real estate already, can tell the good deals from the bad, divest yourself across many different investments.
I would buy an expensive sports car, maybe a Viper or a Porsche. Then I would begin a drinking, eating binge stopping at every nice restaurant, bar, and club in town until I passed out.
I would then take a vacation to a foreign country and elicit the services of the local brothel, gamble for a few days, and return home broke.
The next day I would post here on the REI Club website asking for advice on how to get rich in real estate with no money, ruined credit, and an STD.
Take care,
Andy Gibbs
Good one, Andy!
andy, when that day comes, i’ll join you!!!
Florida, Naples is HUGE right now. Contractors fighting over land. Every new development is by raffle. I am personally moving there in one week. Home values are literally doubling over night in this town. Very large purchase market, will soon be a refinance market once many realize they have new found equity in their investments.
I live in Florida too-Volusia County which is also very hot however home prices are going up so fast in this area-what is the average price of a home in Naples? Is it more expensive than Daytona? I have some money to play with-not a lot-but I would rather buy as low as I can in a rapidly growing market. Any advise?