Received an Inheritance and Don’t Know How to Use It

[Ben Ashburn]

I recently ran across Biggerpockets and immediately became hooked. I’m writing because of a unique circumstance and I’m hoping to solicit some advice from more experienced folks on how to best deal with it.

Recently, within a three month period, both of my parents died of cancer. Although I wish the circumstances were different, due to my dad’s wisdom and hard work I will be inheriting about $100k in cash and also a house with no mortgage worth another $100k. I want to turn this money into passive income and also use it as leverage to make a career of investing in real estate. I’m 42 years old and hope to have many years ahead of me to build a portfolio to leave for my family someday.

In light of all that, I’m hoping for advice. If you were me, knowing what you know now, what would you do with this windfall to produce the best results?! Although I’d like to become a full time investor as soon as I can, I know this is best viewed as a long term plan. It’s a once in a lifetime opportunity for me and I want to make my folks proud of what I do with it and grow it into something wonderful to leave my kids someday. 

Thanks,

Ben

[Bob B.]

Sorry about your loss.  You will now become the next new "best friend" to several BP members.  Ignore them.  Talk with a financial advisor and one that charges a fee, not one that will try to sell you something.  Most inheritances are gone in a matter of a couple of years.  Don't rely on friends or relatives for advice.  They might mean well but they aren't professionals and have their own limited ideas.  Depending on your age this could be a game changer for your future lifestyle don't waste it.