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To keep or to sell, that is the question


To keep or to sell, that is the question

Old 12-05-2019, 05:56 PM
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Originally Posted by lprizman View Post
Old 12-05-2019, 06:07 PM
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if the property values are declining in that area I'd sell for sure for all the reasons mentioned above...if they are rising I may consider holding it and having a property company manage it...
Old 12-05-2019, 06:24 PM
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Most markets right now are peaking as far as sales prices go. Yes there are exceptions, but they are rare. Elections almost always make it a buyers market.
Old 12-06-2019, 06:50 AM
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Sell and wait for another maybe not even real estate opportunity.
Old 12-06-2019, 07:02 AM
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If you are considering keeping it and using it as a rental/investment property, check out Bigger Pockets. It's a RE investment forum and there are calculators on the site....you can use them to help you determine if a property is worth investing in.
Old 12-06-2019, 07:03 AM
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Being a landlord is bad enough,being 1200 miles away makes it a lot worse.Sell it and don't look back.Schedule a trip asap with the sister to inspect and document the contents,secure the valuables and figure out an estate sale of the leftovers.Take videos and get agreements in writing on who wants what. Whatever happens,try not to let this gift get between you and your sister.
Old 12-06-2019, 07:08 AM
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Originally Posted by chrispnet View Post
I was a long distance landlord for four years. Painless until I went to sell and the property manager’s fraud was exposed.
I wouldn’t do it again.
if you do not wish to expound upon this I understand, but if you would I would be interested in hearing the scam
Old 12-06-2019, 07:10 AM
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Without question you sell. Unless of course you have information that this specific location is way undervalued and at any moment is about to jump 30%. You sell take the cash and reevaluate. If you're not sure what to do with cash you go to a money mgr. with a proven track record not THT.
Old 12-06-2019, 07:36 AM
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Originally Posted by nicecast View Post
You don't want to "buy out" a relative. If it turns out to be a great deal for you she'll resent it, and if you lose your shirt you'll feel you overpaid her.

Sell and split the $ down the middle and let her piss away and learn from it.
Good advice except for those last four words which constitute a groundless assumption.
Old 12-06-2019, 07:39 AM
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More ethnic? Sell it while you still can.
Old 12-06-2019, 08:00 AM
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Great opinions and experience based stories above.

This article below describes the future pressures against keeping the residential property.

Silver Tsunami

Dump it ... dump it now ...
Old 12-06-2019, 05:06 PM
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I went through a similar thing very recently. I called a few of the local property management companies and asked a ton of questions. Turns out that in that area, there was a lot of new cheaper homes being built. The commute to the good paying jobs was about an hour from this town. What I found out is that people would rent out houses like the one I was inheriting, only to figure out if they were ok enough with the commute as the cost of rent was just as much as the cost of a mortgage on these newer cheap homes. Then, they would either buy a new place or skip town. The turn over was really large, and the houses for rent sat vacant a lot. I sold.
Old 12-06-2019, 05:35 PM
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Originally Posted by Jus Teasin View Post
Because of "The neighborhood is transforming and becoming more "ethnic"." , the property values are likely to drop!

That's funny
Old 12-06-2019, 05:37 PM
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Originally Posted by treadlife View Post
No way i would want to be a landlord 1200 miles away. Sell!
My aunt had rentals in various cities across the country. Nice homes, all managed by companies. After she passed away and her kids let us know what her income was from the homes, it was amazing; she got maybe 40% of what the rental rates had been, the rest being stolen by the company and their subs. They didn't know this at the time she had them, or would have insisted that she sell them and cut her losses.

Sell the property, and look forward to investing whatever you get.
Old 12-06-2019, 05:39 PM
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Based on your initial post, if it were me I would SELL. Lots better things to invest in than an on going headache 1,200 miles away.
Old 12-07-2019, 05:38 AM
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How much is the house worth?
What is the monthly rent you would receive ?
Old 12-07-2019, 06:25 AM
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Old 12-07-2019, 07:04 AM
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Originally Posted by LongIslandFisherman View Post
How much is the house worth?
What is the monthly rent you would receive ?
About 200k, rents are going for 1200 - 1600. Taxes are just south of 8k, If my sister wants to sell, there is almost no cash flow on the low end. I'd have to buy her out for less than half and put money into updating to get the rent up. I'll probably just flip the damn thing.
Old 12-07-2019, 10:07 AM
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Apologize if a repeat responce.

You answered your own question......Sell.

If I may be so bold: Since you already know your sister will piss away the money leaving her yet again broke. What about you go along with the sale contingent upon a % of her take placed in an investment she can't touch, but pays her dividends every month.

I know it's a long shot, and may not be possible but if presented humbly and honestly it may be accepted.

Best of luck.
Old 12-07-2019, 10:23 AM
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40 years old and 1200 miles away does not make a good combination for a rental house. Unless it's in a resort area I would sell it and split the proceeds.

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