what to do with 30k in Michigan

[Michael Lloyd]

hi, I am new to investing. I have one rental property that is doing ok, was doing great until the virus hit.

I have 30k that I am looking to invest in Michigan. what would be best in today's market.

I am also a fulltime student and open to new investment ideas  

thank you 

[Janani Kalpathi]

Hi @Michael Lloyd 

It's great news that you have the cash in place. Now, it's time to 'invest' in some learning. And, I don't mean spending on courses/real estate guru's for advice. It is being lavish with investing your time but frugal investing your money on learning. Few pointers below:

Pick up a few real estate books to read. (Check out my profile page for RE specific books I've been reading!)

Listen to BP podcasts to learn how others started.

Write down your goals.

Then, translate this into a business plan. (which will change and that's ok)

Learn how to get a deal, analyze a deal and build systems for speed (not accuracy).

Start connecting with agents, PMs and investors on BP in the Michigan market (or whichever market is close by for cashflow/appreciation (e.g. Columbus, Ohio))

Start getting deal alerts on emails/other channels and take action as appropriate. 

Maximizing cashflow is a good start. But you need to work backwards from there to determine the 'how'. Hope this helps!

Thanks!