Coming into Money, Need advice

[Erik Ferris]

Hello all,

I will get right to it. I am currently retired (medically), I am 40, and married. I do not work, nor really can I due to my medical injuries. I had to claim chp 13 Bankruptcy 5 years ago due to my injuries years and have not accumalated any new debt in my name. That aside, is here is my current state of affairs.

My wife and I own our home (in her name). It is worth 225k, and we owe approximately 103k. We have 1 car payment/debt with a pay off balance of 23k. Maybe 2k in credit card debt, and thats it.

Wife brings in 2500, a month, and my retirement is 4100 a month. so Total of 6300 income each month.

Due to my medical injuries, I am about to finish all my claims/law suits, etc within the next 2 months. When the dust clears, We will have roughly 350k cash in hand. So, here come the questions.

We need to purchase a different home, due to my medical injuires I cannot do stairs anymore. I may be able to stretch this about another 2 years, but after that no. Keep that in mind....

This was our though process. Pay off our current house and car. This would leave us with approx, 200+k in equity in the house, and 200+k in cash. Buy a peice of land for 50-100k, and build a home. This thought process would eat all of our nest egg. We figure the home would cost about 300k, so we would be very close in NOT having house payment, and being comeplety debt free. But the lump some would be gone. Still we woul dbe debt free with an income of 6k+ a month.

Now I know there may be better ways to invest this money so that is why I am composing this post. We DO NOT have any type of 401k, or any other invesments. My income will be for life, and more than likely might go up another 2k a month here very soon.

So, how would you deal with this situation if you were me?

Should we sell the house, still build but put less money down? and invest a larger chunk of cash into rentals? 

Any advice is greatly appreciated in this manner. I was also thinking of getting into the flipping homes game, but I dont want to be to risky.

Thank you in advance!