Our recommendation is to consider areas where seasonal rentals are in high demand and rates are higher as well. Florida real estate has come back down to earth and offers opportunities for the average person for investment.
Now is the time to consider rental purchases.....consider Southwest Florida.
We would be happy to provide you with additional information.
Susan & Bill Eckler
Michael Saunders & Company
You can invest under $100,000 in New York State and have a rental property that cash flows very nicely with rents, hundreds of dollars each month with no additional work on your part. A professional property manager takes care of the home--that's how I do it. You will also have the pleasure of owning a nice house that should appreciate long-term.
For financial security you need 6 months to 1 year of cash reserves (money market funds). If I were you, I would stash some of that inheritance as needed for this purpose. Buying just one house, however, could work out great for you.
If you are interested in discussing this at my office, please send me an email at email@example.com or call me at (917) 365-0876. My office is in Greenwich Village in Manhattan. This is a big subject, there is much to discuss, and numbers to crunch. You want to minimize the risks of investing by selecting a property with utmost care. As a broker I would earn my commission from the house sale, no additional fees would be necessary.
With the real estate market the way it is know I would advise to purchase, but only if you can wait 7 years to fully benifit from recovery of the market. You could pick up property now at some great prices but location is going to be very important as to how much return you will see and how quickly. I work with investors and they are active. I just got one into a 150,000 home that needs about 80,000 in work but even now once repaired that home could be sold for $350,000. If he holds and rents for a couple of years it could yield even more.
Credit is going to be your only detriment at this point but I work with very good brokers directly and they will honestly tell you your options. This should be your first step. I would love to set up an appointment to speak with you and assist you in moving forward with your real estate goals.
Nunzio (516) 383 -0700
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good luck to you.
With 200k - you could be a millionaire in less than 3 years if you invest it wisely.