Hey lads. So my dad died a month ago. He was a landlord, and I'll be set to figure out what to do with 12ish properties of his that he was renting out.. So my primary goal here is to figure out how to support my mom since she isn't really in a position to work, and I'd rather not spend all my money keeping her afloat since I'm already getting hit by a wave of bills.
So... The houses are all in varying conditions, some have tenants, but generally are all in lower income areas. Mortgages arent up to date and some bills are behind, but I know mortgage companies don't wanna get stuck holding property right now so I'm sure they would work with me given the opportunity. So it's a matter of -- what's the best financial decision here? Sell them, pocket the money, or keep renting them and try and get things current? I have a management company who would be glad to do so, and even offered to do it for free while things get figured out. But I don't have the income to really dump to try and keep the more difficult ones, but despite my dad being a solid real estate agent, he was a bad manager and I don't know shit about the market. I'm an engineering autist.
So... What do? I know the biggest issue is that he wrote off depreciation on a lot of them for taxes, so those will either be left to go into foreclosure or kept if I can extract money out of them.
following, my old man has lots of properties and I may be in this position in the future
Gabriel Robinson
Personally I would firesale two of them just to raise the cash you’re clearly lacking. Then I’d use the money to hire a property manager or take sufficient courses that I could do it muh self.
Oliver Brooks
This
Andrew Lewis
I'd touch base with him desu. I'm picking up the ashes right now because my father didn't really leave a great plan. His mind got fried by drugs and just being senile. I think poking through his documents, things went wrong for him in 2017...word around the office too is that he was too nice to be a property manager and so I think they really drove him mad. But yeah, didn't renew his life insurance policy, will was stashed in a box and really is incomplete. I'm an only child too...so that's something
Yeah, I definitely think that sounds like a good idea. All the bills are behind, but if I can get rid of them for a profit and get ourselves into the green WITHOUT the IRS and debtors taking everything I make, then I think I'll be good. I'd like to net ~1000 after putting aside money for repairs and shit a month if I can, because then with that, my dad's SS going to my mom, and my own income, I can probably support her until she passes. Thanks for the advice.
Reason I don't manage them myself is because I don't live in the city anymore, and I wouldn't be comfortable doing it anyways even if i DID have my CCW permit. Thankfully, the property manager DOES so I don't mind working with him.
Wyatt Watson
>Larping this gay
Juan Jackson
>inheriting property is such a foreign concept that some retard thinks this is a larp
Ian Thompson
Land ownership is a precious thing, don't sell it. Just get everything ship-shape and retire off the rental income.
