Try to solidifying a plan

[Tausen Richmond]

I inherited over 250k. It is currently invested through a broker, as I am still learning about things.

I need turn this money into a business that can be passed down to my children, and sets up a trust like what was given to me.

Recent listening to Rich Dad Poor Dad, and BP podcast, and a few others. REI is starting to look better and better.

I do not have many family or friends who understand or know what to say, when I ask what they would do. 

I currently do not have a job, and not the best credit, at least for now. That's fixable over the next 2 years. 

I am 47 and have one child at home.

I am looking to get to 10k a month in cash flow eventually. 

I see the possibilities and opportunities in my area, but feel blind still, and very unsure if REI could even work for me.

If you where in my shoes, what would you do?

T.

[Shiloh Lundahl]

@Tausen Richmond The first thing I would encourage you to do would be to take 150k of it and put it into an account where 2 signers need to sign on it to withdraw the money and tell the other signer to only sign after you have done 3 successful deals.  That way you lower the risk of losing all of it before you know what you are doing, and you can use the 100k as your learning seed money.  Then I would encourage you to do what @Joe Villeneuve suggested which is learn before you do.  But investing in real estate is somewhat like learning to swim, it is hard to learn unless you are in the water doing it.  But, in my opinion, it is better to have an experienced swimmer in the water with you while you are learning.  So I would encourage you to network with other investors.  Find some local investors who are investing in the types of deals in which you would like to invest in your area.  Have lunch with them. Get to know them. If you feel that they would be someone you would like to learn from, them ask them if you could help fund their next deal so that you can have more of hands on experience and understand the decision making process of the deal.  Make sure that they have a good track record of success.  They don't have to have tons of properties.  But make sure they have done it more than 5 or 10 times.  Also, you are going to want to protect your position by getting a deed of trust on the property so that the investor can't just sell it without your knowledge and walk away with your cash. 

After you have done this process 3 or 4 times, then I would say you are ready to use all 250k.  

As far a creating 10k a month in passive income, it is defiantly possibly, however, it is not easy and most people who invest in real estate won't get there.  If you were to start out with 250k, and you were really dedicated and you had the knowledge, then it would probably take about 5 years, but you would have to be an active investor rather than a passive investor.  Then it could become more passive after you have built up a portfolio of cash flowing assets.

Hopefully this was helpful to you.  Good luck.