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Updated almost 6 years ago on . Most recent reply

User Stats

9
Posts
5
Votes
Claude Diehl
  • Effingham County, GA
5
Votes |
9
Posts

I have access to funds, but.... need advice.

Claude Diehl
  • Effingham County, GA
Posted

I have decided I want to get into rental properties. Buy/Reno/Rent I'm 56, and will probably retire at 65. I'm self-employed so the option always exists to work a little whenever I want to make a little extra cash after I "retire". I have several retirement accounts. One is my SEP for the business that I will not touch. I also have two Roth accounts of which I can pull out with about 100K of my own money that I put into them without having to pay any penalties or taxes. I also have about 75K in a stock savings account that I can access but I'd have to pay the taxes on the gains, but it's really minor considering the long term possibilities. I'm looking for some advice/guidance from someone on here with some experience on what they would do if they were in my shoes. This is something my son and I are serious about doing. Just trying to figure out the best use of the resources in hand to get us going. My son is a GC, so he can handle the Reno portion quite well.

Thank you!

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