Young and looking for advise..

[Spencer Iveson]

Hi there, i just want to thank everyone in advance for your responses. Im in need of advise and would like to get as much information as possible to help steer me in the right direction.

Im 26 years old, currently unemployed, and due to the sale of a family business that i inherited a good portion of, im going to be getting a large sum of cash. Dont want to disclose any exact figures but bc im asking you for advise ill say its in the ballpark of a half million dollars. Ill let you all know what my plan in my head is as of right now. I live in upstate ny. Im not necessarily set on buying property in this area but i am leaning towards it. I want to buy a one family house for myself, obviously id like to get as good a deal as possible bc i will be paying cash. Also i want to purchase a multiunit building such as a 3 family house or slightly larger. Thats all i have thought out so far. Ive done researxh on foreclosures and property taxes in the area which are fairly high but i dont know where to start and im not sure if this is the best route i should go. I dont have much interest in putting any money into the stock market maybe a small amount(im meeting with a financial advisor next week). I know that. very fortunate to be in this situation and i want to make the best of it and not just live off the cash but to build on it. I feel as if investing in real estate is a lot more of a tangible investment than stocks as well. Any imput at all would be very helpful. Thank you for youre time.

[Rhondalette W.]

Originally posted by @Spencer Iveson:

Hi there, i just want to thank everyone in advance for your responses. Im in need of advise and would like to get as much information as possible to help steer me in the right direction.

Im 26 years old, currently unemployed, and due to the sale of a family business that i inherited a good portion of, im going to be getting a large sum of cash. Dont want to disclose any exact figures but bc im asking you for advise ill say its in the ballpark of a half million dollars. Ill let you all know what my plan in my head is as of right now. I live in upstate ny. Im not necessarily set on buying property in this area but i am leaning towards it. I want to buy a one family house for myself, obviously id like to get as good a deal as possible bc i will be paying cash. Also i want to purchase a multiunit building such as a 3 family house or slightly larger. Thats all i have thought out so far. Ive done researxh on foreclosures and property taxes in the area which are fairly high but i dont know where to start and im not sure if this is the best route i should go. I dont have much interest in putting any money into the stock market maybe a small amount(im meeting with a financial advisor next week). I know that. very fortunate to be in this situation and i want to make the best of it and not just live off the cash but to build on it. I feel as if investing in real estate is a lot more of a tangible investment than stocks as well. Any imput at all would be very helpful. Thank you for youre time.

 Wow Spencer you are in a very good situation. We all envy you. Make sure you get educated in whatever area you choose. I would not recommend turning your funds over to a financial manager or advisor. I believe real estate is your best bet vs. Stocks or other investments. You mentioned that you are unemployed, do you plan on starting your own real estate business? My advice is to start small and learn as you go along. Find a real estate investor mentor in your area. You could possibly buy a 4plex multifamily unit and live "free" in one of the units while the others are paying your mortgage and while you are learning the business. You have so many options available to you. 

Here is my advice:

1.Protect your money (do not turn it over to strangers to manage for you)

2.Go slow (do not rush into making financial decisions)

3. Get educated (BP is a great place to get started.

 http://www.biggerpockets.com/real-estate-investing

4. Find a real estate mentor (once you are knowledgeable partner on deals)

Just my thoughts- I am no expert.