Updated about 4 years ago on . Most recent reply
I’m gifted $10k a year. Advise on how I should invest.
Hello everyone I’m new to bigger pockets and also new to this real estate investing. My family receives 10k ever year from our grandparents estates and I really want to use that $$ to buy a rental property. We currently live in California so I’m not sure if we should look at others states to buy property. Im also looking to use my equity in my home to purchase property. I was quoted $140 k of equity. Any information will be greatly appreciated.
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If it was me, use it first to pay off all other debts (except primary mortgage), then put it in savings to build a nice emergency fund, and then you'd have to do the math on refinancing and your payments to see if pulling out the equity would be worth it. Start looking at properties you would buy if you had the down payment and do the numbers on them to get some practice at property research.