Forced (early) Retirement... What to do

[Paul Jamgotch]

Hi All,

I've been lurking here for a while. Finally a post: My company has been bought out and I am facing a lay-off from a narrow field with no competitor to move to in my area. I'd like to stick it out in West Michigan for at least four more years so teens can finish school here.

The question I have is, is it realistic to take $100K cash (life savings except smallish 401k) and turn it into at least $3500/month with a multi-unit? Currently we have excellent credit but without the job we probably are not bankable. I was thinking of buy & manage instead of trying to flip. Maybe a 12-16 unit at $26k/unit. We currently are taking payments on two LCs that will be over in 24 and 48 months (the furthest out has a small mortgage). Any advice.ideas would be appreciated.

[Bill Gulley]

Paul, you're in a big town, your skills transfer to banking, investment banks under portfolio managers, not sure if you have any license, but you might consider a Series 6 and 7 in a larger bank. At least you know what a cussip number is. You could still engage RE as well. :)