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Updated over 1 year ago, 06/16/2023
Seeking advice on next investment move
Hello,
I am seeking advice on the next best possible move for my investment portfolio.
I currently own four properties, one of which is my own personal residence, and three income producing rentals (2 multifamily and one single family). I hold a significant amount of equity in all four properties, approximately $900,000.
I don’t enjoy the renovation and labor it takes to upkeep these houses, and I don’t currently have a reliable handy-man or contractor, which means all of the work falls on myself. I do enjoy the leverage the equity affords me in refinancing to purchase other properties. I don't wish to buy another property that will require me to renovate and manage the day to day.
In my professional career outside of property investing, I make a good W2 income. I max out my retirement accounts, and I hold zero debt except for the mortgages and 2 automobile loans. I have 6 months of savings and $400,000 in stocks.
I am considering the following options:
- Buying an out-of-state property through a Turnkey company in hopes to expand my portfolio with limited stress of managing and kick-starting a new property from scratch
- Buy an out-of-state property without a Turnkey Company’s help and hire a property management firm on my own; however I am nervous to pull the trigger on this one with limited knowledge of the markets and details on how out-of-state investment is done
- Purchasing a vacation rental in a high demand, large market like Florida, with the hopes to utilize it for personal use later on in life or during non-peak rental times
- Or investing in REITs or other stock market investments.
Are there any other ideas I should be considering, or do any one of these stand out amongst the others as the best possible move? Appreciate any thoughts.