80k inheritance, poor credit, where do I start?

[Jeffery Glavin]

Hi, I have spent the last 11 years in the auto industry with Mercedes-Benz and just took a leap out into real estate. 

I just filed BK to start fresh from all the debt I swamped myself with being in the rat race with the "joneses"

I am coming into about 80k cash next month.  I want to start my portfolio of multifamily housing rentals.  I have a wholesaler that is starting to send me properties to look over.  I am in over my head thus far but thanks to all of you I am learning quickly.  

Any suggestions on what to do and how to get moving?  I know this is a broad question but all your replies I am sure will be extremely helpful.

Thank you!

[Caleb Heimsoth]

Jeffery Glavin so first step I would suggest is to stick that money in a bank account at a different bank than you typically use, and then don’t touch it. Or put it in a CD with a 1-2 year lock time so you can’t use it at all.

Point is put it somewhere you won’t use it. Alright so now during this time you learn everything there is to know about personal finance and then real estate. You’ll likely want to do this anyways as your recent BK will make it difficult to get conventional lending.

Clearly you took on a lot of debt before and that didn’t end well, so I would recommend pursuing a different strategy besides real estate that doesn’t require debt OR buy houses in cash.

This probably isn’t what you want to hear but that’s what I think would be best, at least for a couple years