Looking for advice!!

[Matthew G.]

Hello,

I hope all is well.

I'm in a position that a lot of people would probably love to be in, and I'm trying to figure out what the best strategy is moving forward.  Any advice you can provide would be greatly appreciated.

My wife is an NNP and has an annual W2 income of north of $200k. I own and operate my own business from home, and this year I will probably bring in $300k pre-tax. We've paid off all of our vehicles and credit cards, and basically have cash on hand and lots more coming in every month with which to invest. I always max out my Roth IRA and throw a few thousand dollars in my SEP IRA, but there's lots of extra money coming in that we're trying to decide what to do with.

I am a dual Canadian/American citizen, so I'm able to invest in either country at my leisure.  We currently reside in the Wichita area and could invest in single family homes in that location, and could basically buy one with cash right now if we wanted to.  We could also invest in new builds or single family homes in the GTA (Greater Toronto Area) and maybe get more of a return on investment there?  I know some friends and family in that area that have had their houses double or triple in value in the past few years.

We also own a cottage in the Muskoka, ON region and are throwing around the idea of a tear-down and rebuild in the 2000 square foot range, which would be about a million dollar investment.  It would probably be valued in the $1.5-2M range after the rebuild and we could rent it out on air b&b for 10's of thousands of dollars per year.

We're finding it very difficult to decide which direction to go in, and which order we should do things in.  We know we want to rebuild a fancy cottage on the lake that we can rent out for big money on air b&b.  We know we are interested in single family homes to buy and hold for 10+ years, we're just having a lot of trouble deciding which location would be best and which order to do things in.

Thanks in advance.  I appreciate your time.

[Shane H.]

@Matthew G.

Congrats on your financial success -- keep living below your means -- If you're making that kind of money in ICT, KS then you are able to live the good life.

RE is not completely hands off - but there are more passive deals with your income level you'd have access to that lots of others dont -- such as syndications or private placements  -- that could be a route to investigate and would be more passive.  I just did my first one for a modest sum  just to get my feet wet with a college friend who started his own commercial firm in the DFW area 10-11 yrs ago -- the building I'm partners on doesnt excite me at all - but it is right in his niche and he's done others like it so I'm trusting him and all their numbers and questions I asked satisfied what I was looking for.  ICT deals are not what they were at all in years prior.  I've been on the fence about investing again there -- still waffle back and forth since I live 2 hrs away and still own things there - but there are other cities I believe where you can get better returns.  One I visited last summer and really loved - been following their market and it has more going for it than ICT in my opinion plus the returns appear to be far greater - only thing that has me nervous about jumping in is it's several states away.

Anyways you have lots of options if you do not have a lifestyle where you are spending all of that money -- find what excites you and go that route.