Inheritance opportunity in Central NJ

[Aris Rodriguez]

I’m inheriting a property with two commercial units and 4 residential units. I’m reading up on and learning as much as I can about Real Estate investing and property management. What’s the next step I should focus on Cash flow, Equity, something else? I’m a mom of two and make over 100k annually at my 9-5 with a long term goal of being able to make this my full time career. Give me some direction please!!

[Drew Sygit]

You may want to hire a PMC to run it as you learn more - to avoid catastrophic mistakes!

Think of it like Insurance:)

Once you learn more, you can take over parts or all of management.

Making it your full time career would probably require more cashflow than these units can produce. Although you could try to STR the residential units to generate 2-3 times LTR rents.

While @Bill B. has some good advice about selling a business you do NOT know how to run, he forgot to mention that your ownership of the property is at a tax-basis of today's market value and ANY time you sell, that portion of the sale should be tax-free. You should get an appraisal of the property ASAP to document this and speak with a tax strategist ASAP to maximize your tax-basis in the property.

@Bill B.undefined