Im cashing out of my business with 400k. What do I do now?

[Michael Kolba]

Hello, I am 23 years old and me and my brother have decided to go our seperate ways and are dissolving our business. Now when I cash out I will have about 400k to invest, buy property, start up another business etc. I have no idea what I want to invest in. In reality id like to own some property / apartment complex, while opening another retail smoke shop which is currently what im familiar with, and have my iras and an investor working as well. Taxes here in NJ are ridiculous and am much more interested in moving to somewhere warm and with less taxes. Any advice would be greatly appreciated. Thank you.

[Nathan Gesner]

Quote from @Michael Kolba:

Hello, I am 23 years old and me and my brother have decided to go our seperate ways and are dissolving our business. Now when I cash out I will have about 400k to invest, buy property, start up another business etc. I have no idea what I want to invest in. In reality id like to own some property / apartment complex, while opening another retail smoke shop which is currently what im familiar with, and have my iras and an investor working as well. Taxes here in NJ are ridiculous and am much more interested in moving to somewhere warm and with less taxes. Any advice would be greatly appreciated. Thank you.

 You're young and apparently able/willing to work. I would start looking around for a good-sized mom-and-pop storage facility with room to expand and improve. If it came with a spare acre or two, you could add U-haul services, build more facilities, etc. It would start out as a job while you learn the operation, build a website, improve the facility, etc. After a couple years of dialing it in, you could be way ahead of the game and able to live off the income while using employees for day-to-day operations.

I bought a storage facility a year ago for $525,000. It brings in almost $10,000 a month. It has three residential units on it. If you find something like that, you could live on site, generate great income, and build it into something better.