Help with strategy starting out - my background
I'm new, think I get the basic financial fundamentals of buy and hold, which I think is what I'm interested in.
Alternately, I'm open to anything that might work.
I live in Seattle. I'm 35 years old. I make about 130k salary. I currently rent a condo, and have about 300k in cash savings to get started with. I need a good strategy.
I think buy and hold is out of the question here. I could invest out of state, but am green to how much work that would be to get moving, and the steps I need to take. I could move anywhere, work, and get a simliar salary. Even places where it's cheaper to live like Vegas, or AZ. I don't want to manage properties, but I would be fine learning to manage property managers. I don't have a target retirement age. I'll probably work until I'm dead. I do want to create enough wealth to bring in about 50-100k yearly when I'm done with it all. I don't want to be rich. I just want to be able to pay the bills if I can't work, and help family.
So single, and multi-family does not look terribly difficult to get into and learn, but what about self storage? I have enough money to get a downpayment on a smaller lot, or maybe a small apt building in a lower cost of living area. I know there have been a lot of self storage lots going for cheap around the Boise Idaho area. Also low property taxes there.
If I don't drop my savings on a downpayment, am I best off leveraging as much as humanly possile on smaller purchases to get started?
Can any of you successful veterans give me a breakdown on what you would do if you were me? It would be much appreciated.
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And I would highly recommend investing locally and NOT out of state.