WHAT TO DO WITH MY INHERITANCE MONEY

Sorry for your loss. It really depends on your end goals? Do you want passive income each week or would you really like a better PPOR? I will say however that buying units in Sydney wouldn’t be the best option at the moment. Yields are low, massive over supply of units and much better places to invest in. Regional NSW/Blue Mountains, Adelaide and select parts of Brisbane would be some areas to consider.

Hope this helps.

Kevin wrote:

Hi guys,
I am very new to property and would love to learn more!
My father recently passed away and I am about to inherit approx $500-$600k. I currently have a mortgage on a property in Sydney that I bought earlier this year. It is worth approx $700k with an outstanding balance under $600k.
My question is. . . what would be the best option for me to do with my inheritance money??? Do I buy a couple of units in Sydney and rent them out as investments? Do I buy “the big house” for me and the wife to live in? Do I stay where I am and put it all against my current mortgage?
Any help/advice would be greatly appreciated!
Thanks, Kev

Hi Kevin,
Sorry to hear of your loss. Good to hear that you are smart, and are asking “what is a good way to go?” Seems to me that you know the value of a dollar, and want to spend them wisely. Well done.

There are lots of sides of this particular coin that should be addressed prior to spending too much. My first thought, since you have a business, is whether it is a business that “fits in” with property investing (e.g. are you a builder? or a carpenter? painter? etc). If yes, then you might find your “niche” in buying houses to do up and rent out (or sell). Or, your business might be one that has its roots in Commercial Property, thus you may already be more aware of that side than many of us are.

Whatever path you take, I believe education is important. Take a look at the wealth of info that is available for free on the forum – as a start, do check out this thread:-
https://www.propertyinvesting.com/topic/4410491-the-big-picture-for-new-readers-especially/

Lots of “good ideas” in that one.

Or, since you will likely be financially “ready to run” just a few months from now, and would like a mentor to bounce ideas off, do consider Steve’s Property Apprentice course. This will get you “property ready” in just a few months, fully able to decide just which way is right for you, and with a mentor “on tap” should you need to discuss tricky stuff. Check that out here:- https://www.propertyinvesting.com/store/

Main thing is to “Know where you are going”, then determine the best way to get there. The PA course can help with all of that.
And of course, we have several “money gurus” called Mortgage Brokers that can assist when it comes to putting together a financial plan. Perhaps some will pop in as replies right here ! Watch the signatures of respondents, and see. These folk are able to give you the best “headsup” re financial questions you may have. And if they can’t answer them, they will say so.

Welcome to pi.com – whatever you choose to do, I hope you do well.

Benny