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Originally Posted by Jordan23
My advice. Get it out of the stock market ASAP. Buy gold.
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Not knocking anyone's opinion, but have to watch the conversion costs. That's all.
Yeah, the standard answers of find a financial adviser and diversifying are good choices.
However, who's going to run your storage facility? How many hours will it require? Where is it located, ie, will it be 90% full? Going to where you think the people will be as opposed to where they are can be a fatal flaw in any small business. But, buying outside of the city limits, where ever that may for you, and "banking" that the property will be later annexed into the city can be a good plan. It's a trade in some cases, again, may not be 90% full, and that could be as more of a long term approach, sell the property for profit later.
I don't think it's a terrible plan. $120,000 a year in revenue, of course that isn't income. Still have costs of ownership and maintaining the place. The real estate guys I've known are split at times. Some say stay the hell away from residential. It's less dependable, tenants tear up the place and don't pay rent sometimes. Less likely to have that happen with commercial, and specifically with a storage unit. Put a lock on it until the pay.
Don't know your current income. If you went a route like the storage place to sink no more than 75% of your money into. I like the not note plan. But you still need operating capital, I like to tell people to have a minimum of a year's worth of operating capital liquid up front. That's not including what you need to live off of. So if you keep your job then good, if you don't, you cannot count on profit on day one.