how to invest smart in Miami with only $60,000

[Hamie Passos]

I am a 20 year old recent college graduate. My mom passed away and left me with a life insurance of $60,000. I want to know if it is better to take a personal loan from the bank and find an apartment worth $100,000 and once it’s paid off try to invest in another apartment. I studied  house hacking and was thinking about investing that money into a duplex which are worth $250,000 in Miami. Because I was a full time student I have only made $7,000 yearly and will not be able to be approved for such a big loan but my boyfriend does have the qualifications to receive the loan for the duplex but can only invest $20,000. I want to know from your experiences what advice would be the best investment decision for me in the long term so I can continue to buy and rent out more properties in the future and build long term wealth. (Please keep in mind that I have to move in to a property by the end of 2020) thank you so much !