Recently received an inheritance and working on a strategy.

[James Bynum]

I recently received about $300,000 in inheritance money and am looking to start buying rental properties. Homes are pretty cheap in my area (Spartanburg, SC), most decent homes are going for around $80,000. My question is, I currently do not own a home myself, so I was thinking about paying cash for a home for myself, and then use the rest of the money for down payments on loans for rental properties. I'm currently working a $40,000 a year job and I would love to own my home outright and put what I was paying in rent into a savings account for more investment. If I get a loan for my home, I feel it also would effect me getting investment loans.

What do you all think? Am I on the right track or do I have this all wrong?

Thanks!

[Yasmine Bisumber]

James, I know you are probably looking for more expert advise but as I read your post I thought I would come on and say you can probably get some insight on what you want to by listening to a few podcasts. The reason I say this is because each person who shares has a unique way they got started and it might help you in making your decision. 

Hope this helps, I think it is awesome you have decided to start an investing career with your money. I think it is the best decision anyone in your situation could have made.