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Updated over 6 years ago,
what would you do with 100k?
Looking to sell my investment property to expand/shift focus. I currently own a 2/2 in huntington beach, Ca. it does cashflow a little bit, however, not much and after hidden expenses I probably break even/lose a few bucks a year. Also, it is built in 1978 so its going to start needing some serious work in the next few years. (sidenote: I rent to a co worker and give him a break because I know he will be a hassle free tenant. I could probably net another 200/mo at fair market value.)
Anyways, selling it should net me 100k-ish. My initial thought is 1031 and invest in small multifamily out of state. Ideally, two fourplexes. Is this a good idea? Should I try and hold on to my property that I already have? Is having multifamily property out of state a realistic/good option as someone who doesn't manage property full time? I am also open to putting that money into something entirely different if the opportunity arises.
Thanks in advance.