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.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!