i may come into an inheritance of 80k. if i do, i'd like to purchase some real estate in the USA because i live here and i'm tired of paying for somebody else's mortgage (renting). what kind of real estate could i and should i buy for that money (an apartment, townhouse, family home), and where should i buy it (state/town)? should i buy a place for cash for the 80k, or should i use it as a down-payment for something bigger? i'm not rooted to any place/state right now and i could technically live anywhere that is beneficial to me.
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mattyanon Admin 1mo ago
Anything that you can live in will earn you the rent you don't have to pay.
Beyond that...... working out the long term return on real estate is hard because the future value is at least partially already "baked in" to the sale price. If everyone knows a house is going to be worth $200k next year then it's already selling for $200k now.
All I can suggest is that nice areas go up in value because that's where people most want to live. Crappy areas stay the same or sometimes go down as people try to leave for the nicer areas. This is largely baked in already, but the trend has remained solid for a long time.
Areas ripe for gentrification are the fun/alternative/slightly rough/hippy areas that are adjacent to nice areas.
Kloi 1mo ago
Figure out where you'd like to spread your roots. Any decent place is going to be more than 80k.
Vermillion-Rx Admin 1mo ago
Perhaps he's referring to mortgages that require a down payment first? In which 80k U$D would probably cover a lot of down payments for a lot of typical us homes. Unless I'm assuming wrong and that's not what he was thinking
@AbusiveFather1
AbusiveFather1 1mo ago
Yes, down payment is right
MrSupreme 1mo ago
I lived for 4 years in Panama City, I moved back because things didn't work out for me. it's not the best place to invest,but if I was going to invest there it would be on real estate. Place is growing fast
whytehorse2021 1mo ago
There are hidden costs of ownership. Houses generally fall apart and depreciate so you have to constantly spend money to maintain them. Also you have to be very careful in the current market. Price bubbles, insurance spikes, tax spikes, HOA fee spikes, special assessments, etc.
You might be able to get some vacant land and build a barndominium with a well and solar for $80k.