i just inheritated 10100 usd have an idea opinion?

Submitted by cardsofortune88s t3_11ell7s in personalfinance

I MEANT 110K SORRY LOL

i think if i can find a really good home or condo in a location in the usa where the avg rents high i might be able to put down a down payment on the house and get a mortgage and use the rent to pay off the mortgage and possibly make a few hundred extra on top. u can get a house costing much more then 100k with a downpayment and a home loan right?

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Triscuitmeniscus t1_jaetd0x wrote

>u can get a house costing much more then 100k with a downpayment and a home loan right?

Please don't take this the wrong way, I'm not coming down on you and mean no offense: If you don't fully understand the concept of a mortgage, it's highly unlikely that you're going to make a lot of money being the landlord of a single family rental. I would read the wiki linked on sub and follow the steps pertinent to you. This will help you preserve (and grow) your inheritance while you educate yourself about real estate investing.

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KReddit934 t1_jaewn77 wrote

It's very dangerous to try managing a rental from out of town. Where are you?

Are you just looking for how best to invest the dollars in the US?

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DeluxeXL t1_jaeq4i6 wrote

>i just inheritated 10100 usd have an idea opinion?

$10k isn't a lot. Follow the Prime Directive.

>I MEANT 110K SORRY LOL

Then I refer you to one more wiki to read: Windfall wiki. Particularly:

>Don't burn through your money (buying cars, living an expensive lifestyle, housing you can't afford longer-term, risky investments, gifts, etc.). Fund those things as a part of your regular income and budget, not from the windfall.

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fluffy_bunny22 t1_jaeqe02 wrote

100k is 20% down on 500k. A lot or a little depending on where you are. Rates aren't great right now. You'll need some extra for closing costs so you shouldn't put all of the money down. Be careful with condos because they can have big hoa dues. Ours are over $2500 every quarter.

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Strictly_Mortgage t1_jaez6ev wrote

Would this be your first home? If yes, please note that first time home buyer benefits usually don't apply to investment property.

Even thought the market is not favorable right now, you could still find the right home with proper due diligence. Just make sure you take into consideration all the fees that come with it including taxes, insurance, HOA etc.

Additionally, if you're considering investing in a rental property, it's important to be aware of the regulations relating to landlord-tenant relationships. Keep in mind that if there are existing tenants in the property, you may not be able to charge market rates for the rental.

Hope this helps.

Best of luck

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