Trying to decide on my next move

[Richard Matthew Prock-Golan]

Hey, everyone. I am new but, at the age of 45, I need to get on the ball. I bought a place recently in upstate NY. A perfect year-round location to get short term renters, with hiking, skiing, kayaking, etc. 

Now, as that is about to close, I'm am thinking ahead. I can take up to $200k in equity out of my current home in Queens, but I'm not sure what my first option should be. I can't decide between flip, long term, BRRR, or what have you. So many options have my head exploding. I've been looking into RoofStock as well, but then that is long term. BRRR has me really interested, but I am a newb and really don't want to screw this up. I was poor most of my life and I never want to go back there. Private lending is another option.

Point is, I don't know which direction to go. Or where to look (i.e. here in NY, NJ, CT, PA....or. as in RoofStock- across the country). Then you have the issue of how to get the equity out- HELOC vs Cash out refi. I'd eventually like to get to a point where I could work with others and build something where I'm not using all of my own money to make deals.

I'm rambling aren't I? What can you tell me? What's my goal? My goal is to pave the way for a job so I can retire from teaching early and do something for me. I'd like to make at least as much as I do now. 14 years teaching impoverished youth has been amazing, but it's hard on the body and soul. I can't do it until I'm 62. 

Thanks for reading (if you made it)

[Ryan Cleary]

Hey Richard!  It looks like you have plenty of options which is an amazing thing.  If I were in your place I would not give my money for a company to invest (I don't know anything about rootstock but I trust myself more than any company).

Since, as you know, New York is very difficult to invest in, I would really look more into out of state investing!  Trust me when I tell you that this is an amazing way to make a greater return and avoid maintaining the property yourself as well!

For example, in my latest deal (Columbus, OH) I am making such a greater return with a property manager than I would in New York managing the property myself!

So If you are not looking to work forever I would take your investing in your own hands instead of having a company take care of it!  If you have any questions I would love to help