What would you do with $50,000? Starting out..
Hey! I would love some advice from those more experienced than I am (aka everyone here!) I am from NY, live in the Dominican Republic, and will be moving to Scottsdale where my family is, in February with my boyfriend. We will be living with my parents while we save up more, he gets a good job (he's a structural engineer here) and to help my parents out a bit.
I have 50K i can spend, but some guidance would be great. I am okay living with my parents for about a year, but wouldn't want to stay too long there. The ultimate goal is to build our own home (bf can do all of the drafting) somewhere in the valley. I also have always been interested in income through REI. Here's some options I was considering:
-put a down payment on a piece of land for a future home build for ourselves.
-buy an existing, poor condition house that in a better area that we can scrap or fix up to stay there for a while, then flip or rent out.
-buy a house under 230K or so, make minor changes, rent once we can build our own house.
-4 options I want to consider for rental income... student rentals, and rent out by ROOM, single family rental, vacation/airbnb/nightly rental, or rent to own option.
What would you do with 50K? Put a 20% down payment on a home and live there? buy land for a future build? Would love your opinions! Let me know if you need any more info!