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Getting an inheritance from your loved one can make that difficult time even more challenging.
You want to use the money wisely and in a way that honors the departed.
You definitely want toavoid wasting the gifton meaningless splurges.
Buying a house with your inheritance could be a smart move that helps improve your financial future.
GOBankingRates spoke with a millennial who did just that.
Keep reading to learn about his experience.
Also see how to use your real estate inheritance to build generational wealth.
The funds gifted to him covered the 3.5% down payment and some renovations.
He took out a $475,000 mortgage to finance the rest of the purchase price.
I was also getting a far better return than the money sitting in a savings account.
[Your lender needs] to verify where the funds are coming from.
Be prepared for that.
If I bought astandard traditional home, it would not have been as good of an investment.
McDonald encouraged others to follow in his footsteps and said, Consider taking a unique route and house hack.
Buy a property that can also generate rental income.
