Updated almost 4 years ago on . Most recent reply
Help with inherited property
hi, we are looking for help on whether do sell
our inherited trailer park that we have been operating for 10 months. We are in another state and have been operating remotely-which is why we are considering selling.It’s on 12.2acres on the kings river- so river front property. It has 15 trailers that rent space- and 1 proper house and large storage shed. The house is vacant because we felt it needed some renovations before tenants should live there so we had the tenants that were there when we inherited the park leave and have had the house vacant. The house could be split into 2 rentable units with both having their own kitchens and entrances.House needs about 40k of work. We should be able to get $2000-$2500 for the house when we rent it and we take in about $6200 for the rest of the trailers space rent.The operations costs are about 32,000/year.We are also struggling with how to price this property? Should we keep it even though it’s stressful trying to manage it from states away?Does anyone have insight?