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Updated over 2 years ago,

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3
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0
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John Hurley
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3
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About to inherit 100k - need advice

John Hurley
Posted

Howdy folks. I am about to inherit 100k in cash. Here are some other relevant details: 

- My credit score is over 700. I think it's closer to 768. Haven't checked recently. 

- I've been developing a software product that is launching at the end of this month, so I don't have recent traditional employment history. The software product probably won't be operating in the red for about 3 to 4 months. 

- I have no debt. 

- I have under 5k in cash (having to que up marketing and legal services for new business)

- I have a used car which I can sell for around 25k (I don't need it)

- I didn't know I would be receiving this amount until today. Thankfully everyone in my life is fine- this is just the best move for the family per the advice of their accountant. 

What I want to do: 

I'm very confident in my software product given my niche industry and experience. However, I wan't to be responsible with this money and not put everything I have to into this company. So I'd like to put it into real estate, hopefully multi family. I was hoping someone could address the following points with an eye towards making the most money responsibly: 


- to sit on the 100k and wait for the market to cool, or buy now / soon

- getting a 3.5% FHA loan vs a traditional loan

- doing a small down payment vs a bigger one 

- having all units be LTR, STR, or a combination of both

- anything else you think is good advice if you were in this situation

As you can guess part of me wants to panic. But I'm trying to keep a cool head here and hopefully can get some good pointers. Thank you!

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