I can’t work, even if I had $10,000,000 – it will not change the fact that I am not able to work. With such a windfall, I will no longer qualify for SSI, nor anything from DPA (Department of Public Assistance). I will either burn through the cash I will have, or I would have to do something to make a monthly income for myself. Since I can’t predict how long I will live, I will create sources of income for myself.
With this in mind, I will acquire 2 mixed use buildings. They both will be gutted and renovated. Once renovated, I will target Section-8 tenants, and have some guarantee from HUD of their portion of the rent. I will also have an investment fund which I will take about half of my income, and put it into the investment fund. The goal will be 9%APY.
With the calculations of capital gains taxes at 25%, and the fact that my rentals is not a business, I would expect a net income of $33,100.