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Updated almost 6 years ago on . Most recent reply
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$100k. What would you do?
Having $100k and asking "what would you do" is too broad...So, maybe it would help to know what I have done so far and where I am financially.
Currently have two businesses.
Assets-
Business 1. 11 units composed of (1 SF) and (5 Duplex)
All properties are financed. 3 separate mortgages
Business 2. 4 units composed of (1SF) and (1 Triplex)
SF is financed and Triplex is owned
Liabilities-
Home Mortgage $165k ($1,300/mo)
Truck $15k ($700/mo)
RV $23k ($200/mo)
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Our experience has been limited to Muncie and Richmond Indiana. I have a full time job that fuels this addiction. I am very hands off and leave the majority of the work to my property managers. I have enjoyed finding property managers that are more vertically integrated (RE agent, contractor, PM). Not sure if that's everyones preference, but it definitely makes it easy on my end, sourcing from one location for everything I need. All of these properties are residential rentals (in case that wasn't clear). All of these units cash flow "fairly" well and the businesses support themselves, but not much more than that. It's a slow gain and a more long term goal with what I currently have.
So, given the information above...What would you do with $100k?
I am willing to try something different.
What opportunity did you take that changed your business for the good?
Would you put the money towards liabilities?
I am very torn and need advice! Thank you in advance!