100k and No Clue where to start!

[Eric Oneill]

Hello y'all, new to the forum,

For all of you wise and well-informed real estate investors out there, I have a situation which could use some advice...

a little background:

I am 32. I work in the trades (contractor work). Its a solid 9-5 under someone else. I am located in the northeast but looking to move to somewhere more affordable in the near future.. I currently and regretfully have no investments. I have a savings account. No debt. No children. No car payments. Nothing money-wise hanging over my head. 

the situation:

I recently received a 100k inheritance from a deceased relative.

With no clue where to start in real estate investing, what would you do with 100k? 

My potential goals: 

create passive income through multi-family or duplexes. I eventually want to be financially free to experiment as an entrepreneur, and escape my 9-5 to do real estate full-time. I would like to build my portfolio and hopefully avoid debt in the process... any ideas where to start??

Thanks again for your advice and help!
 

 

[Anthony Dooley]

At the moment, there is a lot of money out there looking for real estate deals, thus inflation, bidding wars, all cash with no contingency offers being placed on property, insanity. It has actually cooled off since February, but still pretty sporty out there. Hedge funds are buying single family rentals just to put the money to work. Invest in yourself to learn and find your niche. A seminar or REIA membership. Get in close proximity to those who are already doing what you want to do. Learn now in this inflated market so that when it turns, you will recognize a deal when you see one. Don't invest in anything you don't understand well enough to explain it to someone else. In the meantime, there are people who have knowledge and experience in real estate investing, but they need capital. You can partner with them or become a lender on their deal and earn 8,10,12 % while hopefully learning from them. Your name should be on the deed or as a partner on an LLC operating agreement. Decrease risk by increasing knowledge.