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Updated over 5 years ago,
What would you do with 100K?
Hello,
I recently sold a house in Southern California where the market is tanking so I do consider myself lucky enough to get it sold without losing a ton of money. Anyway, what should I do with the profit? I'm single now and don't want to buy another house or a condo in Orange County for $600,000 or so. I will rent for a couple of years. Here are my options for the money:
1. Deposit it in a high interest savings account at 2.45%
2. Pay off my rented duplex in Ohio. Balance is about 100k at 4.5%
3. Pay off my Mom's condo mortgage in Ohio which is about 100k and then have her pay me rent. The condo is worth about 115k. My only issues with the condo is that the schools in the area of Canal Winchester are bad. Also, it has three flights of stairs so its not a good rental unit for seniors. However, when my mom moves out it could rent for $1,200 to $1,300. Association is $200.
4. Invest it in a crowd sourcing commercial real estate site. They say returns are around 9% to 12%.
5. Find another multi-family property and take on more debt.
6. Blow 1/3 of it in Vegas for my 40th birthday and do some more traveling.
What would you do?