What to do with parent property

2 Replies

Hello BP and thanks for all the help. I me and my brother prob going to be inheriting my dads house(steal has a mortgage) and we are unsure what to do with it. It is in ardmore OK and need a littile work. I would love to keep it as a rental property but live 9hr away and am unable to really take care of it. So i come to BP with open ears for at advice. I am willing to talk to a wholesalers as long as it is a win win deal for us. So any help would be greatly appreciative

Keeping it as a rental property could get tricky, because even if your brother and you get along, there are certain issues that will need to be ironed out in writing prior to it becoming a rental. One example would be, when the roof gets old, who makes the decision on whether or not to replace it? Who chooses the contractor? Who deals with the contractor?

Sounds like you are leaning more toward selling it, but if you decide to keep it with your brother, proceed cautiously.

I am an investor.  I purchase from a wholesaler and sell through a realtor.  If I were trying to get the most for the property, I would definitely find a good realtor in the area.  It is hard to imagine a wholesaler could come up with a true win, win.

If you decide to keep the property, I would get a good property manager and let them take care of everything for you and your brother.  I pay 10% to my property managers.  They pay all the bills and take care of everything.  Once in awhile I get a call to get approval for repairs.  At the end of the year I get a statement and give it to my accountant.  

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