Howdy folks. I am about to inherit 100k in cash. Here are some other relevant details:
- My credit score is over 700. I think it's closer to 768. Haven't checked recently.
- I've been developing a software product that is launching at the end of this month, so I don't have recent traditional employment history. The software product probably won't be operating in the red for about 3 to 4 months.
- I have no debt.
- I have under 5k in cash (having to que up marketing and legal services for new business)
- I have a used car which I can sell for around 25k (I don't need it)
- I didn't know I would be receiving this amount until today. Thankfully everyone in my life is fine- this is just the best move for the family per the advice of their accountant.
What I want to do:
I'm very confident in my software product given my niche industry and experience. However, I wan't to be responsible with this money and not put everything I have to into this company. So I'd like to put it into real estate, hopefully multi family. I was hoping someone could address the following points with an eye towards making the most money responsibly:
- to sit on the 100k and wait for the market to cool, or buy now / soon
- getting a 3.5% FHA loan vs a traditional loan
- doing a small down payment vs a bigger one
- having all units be LTR, STR, or a combination of both
- anything else you think is good advice if you were in this situation
As you can guess part of me wants to panic. But I'm trying to keep a cool head here and hopefully can get some good pointers. Thank you!
