Noobie inherited 1 Million Dollars

[Account Closed]

Hello! I love this site. Learned so much on it already!

Before I go on, I would like to say that I feel very fortunate, lucky and very grateful for this inheritance. This money was given to me without my doing anything. So I see it as my duty to increase it, rather than waste it.

I am 45, single, no kids and live in California. I rent. I am thinking of investing in long distance properties (duplexes/fourplexes) under 200.000, starting out with a single family home to get my feet wet. I am reading David Greene's and Chris McLaughlin's book.

What would YOU do with that money? What would be your strategy? Any tips? Advice? 

Thank you, everybody!

[Joel Owens]

You haven't mentioned anything else about your situation such as if you own a company or work somewhere and what is annual income? Current net worth and liquid besides the 1 million inheritance?

There is a huge difference between someone with 1 million as total net worth and they need to live off of the cash flow it produces and someone worth 7 million with 1 million to invest more interested in equity growth because they already make 500k a year and would just likely pay more taxes on the higher cash flow type properties.

I do not agree with the person saying do not tell the broker or agent how much money you have. I believe to have an excellent working relationship there needs to be transparency. It's not a beneficial relationship to a broker/agent for a buyer to take up their time and ask all these things they want them to do but the buyer wants to be a (secret agent) and tell little to nothing about their situation.

On the commercial real estate side I require clients before we even start to send financials so I can see their overall picture. If they do not want to do this then I tell them we are not a fit to work together. I deal with clients that are high net worth to ultra high net worth all the time some nine figures.