What to do with a windfall?

[Cherie Clark]

Hi,

I am new to these forums and currently reading "Rental Property Investing" by Brandon Turner! My husband and I recently received an escrow refund from our primary residence and after paying off some debt, we have a small amount left ($1700...I know, not a lot) that I want to designate as our first step towards purchasing a rental property. However, I don't know what to do with it as we begin saving. I'd love some advice on different ideas: should we put it in a high interest savings? The stock market? Should we put it back into our primary residence so we have equity to take out a HELOC?

Thank you in advance for all your help! 

Cherie 

[Cherie Clark]

Thank you for your advice @Twana Rasoul! The potential to lose the principal in the stock market is certainly a concern of mine. I will move it to one of my high interest saving accounts!