I inherited my Grandmother's condo several months ago when

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Anonymous
2016-07-09 15:29:46 Post No. 1371084
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Anonymous 2016-07-09 15:29:46 Post No. 1371084 [Report]

I inherited my Grandmother's condo several months ago when she passed away. Some relatives came out of the woodwork hearing about all this money/property in her will so obviously took several months of lawyer crap but I finally have the deed in my hand. No mortgage or nothing, I own it outright.

The condo is a dump, almost everything is broken and needs some major renovation. I had it looked at by an appraiser (no, did not tell the govt anything about it yet) and he said it's in the $85k range. The condos in the same building are worth $110k but because of the renovations needed it could never sell for that much.

I am paranoid about cheap contractors running away with my money, because I have heard of such horror stories. So going with a reputable, larger well known renovation company they estimated $30k to fix everything and that includes brand new appliances, carpet, paint, etc. Maybe that quote is too much, I have no clue about construction stuff.

It could probably rent for $800/month in this area, but property prices went to hell in the recession and haven't recovered since. So I don't see the property value going up anytime soon unless more businesses setup shop in the future.

Should I just sell it and be done with it or fix it up and hold onto it/rent it out?

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Anonymous 2016-07-09 15:35:55 Post No.1371089
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Anonymous 2016-07-09 15:35:55 Post No.1371089 [Report]

Rent it out and start building passive income.

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Anonymous 2016-07-09 15:37:23 Post No.1371090
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Anonymous 2016-07-09 15:37:23 Post No.1371090 [Report]

>>1371084
If the neighbourhood isn't too shitty I would rent it out. You can get more money out of it in the long run.

I wouldn't try to be too cheap about it though, you'll have more trouble with things breaking down far to often.

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Anonymous 2016-07-09 16:27:36 Post No.1371135
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Anonymous 2016-07-09 16:27:36 Post No.1371135 [Report]

sell it
you most likely dont have your risk spread out

or
mortgage it while renting it out
spread out your risk

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Anonymous 2016-07-09 17:13:45 Post No.1371194
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Anonymous 2016-07-09 17:13:45 Post No.1371194 [Report]

what is your current net worth and income?

would you be able to lay out that 30k for the renovations without difficulty?

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Anonymous 2016-07-09 17:38:22 Post No.1371218
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Anonymous 2016-07-09 17:38:22 Post No.1371218 [Report]

>>1371084
>that includes brand new appliances, carpet, paint, etc.
If you have the time you can arrange all that crap yourself. I mean 5G for new appliances delivered, 1 or 2 G for carpets, 1G for paint...just pop in now and then but who cares if they fuck the dog, so long as they get the job done for right price. If you inherited a money pit just keep it simple.