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Who wants to be a millionaire?
$TBLT man. Quite the thrilling penny stock.
What do you think on buying JPM, WFC, C now?
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What do you think on buying JPM, WFC, C now?
Rising Star
Conversation Starter
Will markets jump upwards the day Putin dies?
Investor’s Business Daily: worthwhile?
Anyone looking at airline stocks or ETF play?
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Investing in mutual funds/etfs is the easier and probably safer approach, given you don’t have any experience with rental properties. You could also max out other tax advantaged accounts, like Roth IRA, HSA, etc.
Rising Star
Spend the next 2 weeks really researching RE and seeing if you might want to get into it. I'm not super handy either so im not looking to go into flipping or get fixer uppers. I'm looking to buy multi-family and rent out. I'll need to figure some things out, but not a ton all at once.
For me it's important to not be chained to a corporate salary for the rest of my life. I love what a passive income can do for you. You can supplement your income, replace it, or just have this extra money as a cushion in lean times.
If I were you, I'd take most of the money to put towards RE, and park the rest in a mutual fund.
Do more than 2 weeks take a month. I do real estate and there is so much to consider especially if you are doing nyc real estate
You can always become handy. You don’t have to be a certain type of person. You can always learn, and it’s actually not as hard as it seems.
If you have the money and income to be comfortable, which it sounds like you do, maybe look for an old run-down house with good foundation and siding for a cheap price.
Make a project out of it and renovate the place yourself. This will teach you so much about woodwork, plumbing, electrical, HVAC, and all the paper work that you have to deal with the city.
May take a while, but once you get through one, the second and third will be much easier. When you are done, sell it or rent it. Rinse and repeat, and you can quickly end up with multiple properties that you are getting passive income from in less than 10 years.
Rising Star
What about opening a Roth IRA and investing with that account?
The limit for IRA is $6k per year, combined between traditional and Roth.
Not sure what the rest of your finances are but to buy in NY and queens specifically 150k likely wont be enough...
Rising Star
Market is overpriced, but you don't have to go that far. I live in Central Jersey and these days can get into the city in about an hour. There are many multi-family houses within 1-2 hours of NYC that are under $500k. Personally, I'm not even looking to spend that much.
Additionally, nothing is stopping OP from waiting a year or 2 to buy. Divert more money to retirement savings now, more towards saving for a house down payment later.