I have been researching and learning about real estate investing. I held a real estate license in Ohio and currently moved to Minnesota. My father passed away and left some cash behind to the tune of about $150,000 that I'd like to invest. What would be the best area to look into investing? Would it be single family homes? Duplexes? Something larger? I really feel that this could mean a great start to building something in his honor for my children.
Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
5y
I’ve got “the gift” to speak to those on the other side, I’m hearing that he doesn’t want a bunch of crappy C class singles to be his legacy, he wants you to use it as a down payment on one big beautiful multifamily in a solid B area of Columbus, OH.
Real Estate Agent · 78254 · Member since 2019 · 24 posts · 12 votes
5y
First off I want to say I that I am sorry for your loss.
As far as where to start off it really depends on what your goals are.
Do you want to just do fix and flips, rentals, air bnb, combinations.
I highly recommend you do a ton of self education from books and podcast, get a mentor if you can, and ask lots of questions.
I always encourage people to never be a one trick pony. Meaning they should never just be knowledgeable in one thing because in the end the HOUSE decides what strategy would work best. No two deals are ever really the same. Some people maybe facing some very unique problems which are going to require very unique answers.
Which is why when a wholesaler goes to a property and the numbers don't work for them does that mean the deal is dead? No, it just means its going to require another solution to make money out of the deal.
In the end do your research, build a reliable team, and continue to self educate. Remember your dealing with real people. You don't want to be "THAT GUY" who just ruined another persons life because of your incompetence.
I have been researching and learning about real estate investing. I held a real estate license in Ohio and currently moved to Minnesota. My father passed away and left some cash behind to the tune of about $150,000 that I'd like to invest. What would be the best area to look into investing? Would it be single family homes? Duplexes? Something larger? I really feel that this could mean a great start to building something in his honor for my children.
Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
5y
I’ve got “the gift” to speak to those on the other side, I’m hearing that he doesn’t want a bunch of crappy C class singles to be his legacy, he wants you to use it as a down payment on one big beautiful multifamily in a solid B area of Columbus, OH.
Whenever I am trying to honor somebody's Legacy, I ask myself what they would have done. Would your father have kept his money local, supported the local economy, and kept his assets close to home? If so, then starting your local market. If not, then look anywhere.
In terms of the type of asset that you would potentially be investing in, was your dad a man who chased high returns, or was he a slow and steady kind of guy? f he was slow and steady, single families and duplexes in nice neighborhoods might be the route to go. If he was the risky kind of guy, then do that and hope for the best.
I might be thinking too far into this though. Everyone has a different meaning of doing something in someone’s honor, I guess. Yes, it was his money, but now it’s yours and it’s your responsibility at the end of the day.
My dad would be the type of guy to spread his wealth across a few different options. He liked to hedge his bets. But I understand where you're coming from and appreciate your words.