Looking for Opinions and Advice - Next Step Investment Portfolio

[Matt Steele]

I am looking for advice and opinions on my next steps.

Background:

I am 30 years old, have no kids, and am not currently married (that is coming though)

Currently, I have a duplex in MA. I live in one unit and collect rent on the other, which pays for more than 50% of the mortgage. If I were to rent out both units I would get roughly $3800-$4000 monthly.

I owe just under $450k on the mortgage with 3.125% (this is my only debt) and the property is valued at $670-$720k and I purchased for $470k.

I am considering a few things which I feel will set me up for success in the future with the lifestyle I want

Options:

1. 1. Purchase a few acres of land in Maine near a ski mountain and golf course... hold it and eventually build a small home to be further expanded in the future.
2. 2. Buy a home near ski mountain that needs some work. Slowly fix it and rent it / use it.
3. 3. Stockpile cash (and invest some) for the next 12-18 months to purchase another multi-family when the New England Market cools off
4. 4. Buy a single-family to prep for the future 
   

I can also probably do options 1 and 2 simultaneously depending on a few numbers and holding the land for a little before building.

Appreciate all and any advice! 

Thank you :)

[Joe Villeneuve]

Originally posted by @Matt Steele:

@Joe Villeneuve

I am totally following you here. I think there are few things. One of which I’ll update the post.

The estimated value came from Redfin (which is more than likely high) but even if you call it 680 those numbers make sense.

I refinanced a year and a half ago and it appraised at 610.

I only put 3.5% when I purchased it (FHA).

I think the difficult part with your advice is that New England multi family market is extremely competitive so going after something worth 1M might be risky because people are just through junk out with a price tag and the CF doesn’t mAtch up all the time.

Love the recommendation.

Learn to find opportunities and make deals from them, instead of looking for ready made deals.  It doesn't matter where you are, what you are looking for, or what the economy is at the time, there will always be competition for the "deals" that are available.  Learn to see what others don't, the opportunities outside of the readymade deals.