Recently received an inheritance and working on a strategy.
I recently received about $300,000 in inheritance money and am looking to start buying rental properties. Homes are pretty cheap in my area (Spartanburg, SC), most decent homes are going for around $80,000. My question is, I currently do not own a home myself, so I was thinking about paying cash for a home for myself, and then use the rest of the money for down payments on loans for rental properties. I'm currently working a $40,000 a year job and I would love to own my home outright and put what I was paying in rent into a savings account for more investment. If I get a loan for my home, I feel it also would effect me getting investment loans.
What do you all think? Am I on the right track or do I have this all wrong?
Thanks!