My wife inherited a piece of commercial property....
Recently my wifes parents went ahead and split up their inheritance and my wife received her share of the inheritance, they wanted to do it before they died cause they would rather see her benefit while alive...Anyway, Its a piece of commercial property that is paid for completely right downtown. Her and I both are into the rental houses, this is what we want to do. I have not had the commercial property appraised yet, but did receive a cash offer on the land for $50k, the guy owns an insurance building next door to it.
My question is, is there a way to benefit by keeping the property? Ive thought about putting a building on it etc. but now your talking about loans in the 200k-300k. I dont want that much invested. Ive thought about refinancing the land and taking that money and buying more houses however, I believe that commercial land rates go up after a few years, their not fixed rates.
Other than having the land appraised and then saling it, is there anything else I can do to exhaust this property and get the max out of it? Also lets say it appraises for 100k, does that mean I shouldnt take a penny less than what it appraises for? As of now the taxes are $1500 a year and were not making ANY money on it. This will be the second year that we have paid taxes on land that is just sitting there not making us money...Im not cool with that.
Any ideas would be great.