What would you do with 135k?

[Marika Aubrey]

Curious to hear ideas, especially with those with experience investing in update NY (Greene & Albany Co).

I’m about to inherit a small amount, around $135k and unsure where to put it… single family? Create a trailer park? 

Happy to be hands on. Wanting this money to grow, and possibly create my job potentially.

What would you do with $135k?

[Stephen E Drew]

Good Morning Marika. I think a smart move with your 135k would be to first have a conversation with a CPA. See what your tax liability is on the money and what you should set away for Uncle Sam. I could connect you to mine if you would like. 

Then I personally would diversify those funds into a few different areas. Maybe chat with a financial advisor and have them help you set up an IRA and throw 25k directly into that on a high/medium/low-risk level and watch that slowly grow as a slush fund for further investments.

Then I would take the remaining money that you have and invest that into a multifamily building if you are inclined to put in the work. With 50-100k you would have the down-payment for a nice 3-4 unit building with the help of a bank. Buy it right... buy low and put in sweat equity. Clean up the building and have yourself some cash flow. 

And reach out if you would like to chat it over. I am a licensed agent up here in Albany and I also own a few properties myself in Schenectady. Happy to help where I can.