Updated almost 10 years ago on . Most recent reply
Inheritance and suggestions on correct path
Hello everyone,
I am posting this under an anonymous user so I can explain my situation accurately without divulging personal information. I will deactivate once I have a chance to discuss and return to my normal user ID.
I recently (1 year ago) came into an inheritance that left me with 2 homes (no mortgage) and a substantial amount of cash/investments. By substantial I mean current total wealth (including the 2 houses) is above 3/4 million. I have always dreamed of investing in real estate. I was once a real estate agent but had to find something more steady. I currently have a full time job in a great industry making about $40,000 a year. My wife also has a good job but makes a little less. I live in one of the homes and the other is vacant, structurally sound but needs updating....badly.
I feel this is my chance to do what I've always wanted to do. I just need a little input on how to build my business plan. In a broad sense, I would like to flip until I have enough to invest in buy/hold to create passive income. I am not comfortable with using all cash/investments to explore this venture. I have a lot working towards retirement and think it's safe to keep it there.
I figure the vacant property could sell for around at most $180K as is. So, my question is.....if you were in my position and with your knowledge, how do you think I should build my business plan? I could list a hundred questions here but I would really appreciate your opinions.
Having a full time job while flipping, even the property I currently own, seems impossible to me. I've had some work done on the house I live in and it was difficult to work with my schedule, I can't imagine a quick flip. I will stop here and welcome questions or advice. Anything would be appreciated. Sorry for the long post :) Thanks!!