What would you do with $350,000 cash?

[Jake P.]

I read quite a few threads on similar topics, but there's nothing that I found *quite* like my situation.

About me: 25, married, bachelor degree, no debt, pay off credit card in full every month, credit score 715+. Even though I have a good credit score, my credit history is limited. $10,000 in student loans paid off, and I'm almost finished paying a $500/month, 24 month car lease (w/ co-signer because of lack of credit history). Won't lease/finance another car, I have another paid-off car that I will drive. Essentially debt free.

*BUT*

Based on my annual income, I do not believe I would be able to get a mortgage for an income property. This is coming from extensive online research.

I have approximately $350,000 cash to put towards income properties. I need to generate monthly income from this - I'd like this to be my full time job.

There's obviously no 'rule of thumb' on return, but what monthly return would YOU be able to get on $350,000 cash investment? I want to leverage my money - would having this large sum in the bank let creditors look past my low annual income?

Or maybe the right strategy is to buy one rental with cash(part of the 350,000), and then leverage that for mortgages on other properties? Reading these forums for a couple months, I realize that there are many strategies - I'd just like to narrow down the best strategies for my situation.

Thank you!

MODERATOR: POSTS WITH ANY SORT OF SOLICITATION, INCLUDING "CONTACT ME" WILL BE REMOVED WITHOUT NOTICE!

[Jordan Thibodeau]

HI Jake Welcome to BP.

I would first speak to a banker to see what you qualify in terms of loans. Second: I would determine what your desired monthly income is. That would allow you to work backward to determine what type of return you will require for your money in order to turn this into a full time job.