To buy my dads house or sell

San Anselmo, CA · Member since 2014 · 7 posts · 1 vote

I have to make a choice to keep my dads house or sell. My brother and I inherited my dads house. As it is now it is worth 1 million. Mortgage =360k. Brother wants to cash out. The house needs a lot of work. 300k. Top dollar houses in area sell for 1.7 million. A. Sell house as is for 1 million B. Put 300k into then sell C. Put 100k then rent

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Lauren Ascher
Los Angeles, CA · Member since 2017 · 3 posts · 0 votes
9y
FWIW my brother and I did A when my father passed because we wanted to be done with it. If you can stomach holding it, going there and dealing with contractors, do B.
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Lisa Monnig
Investor · Malvern, PA · Member since 2016 · 31 posts · 12 votes
9y
We are facing this same issue with my mother-in-law's house. I would opt for B if you can finance/afford it.
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Jim BlackburnBusiness Member
Lender · Florida Based (48 states Puerto Rico) · Member since 2017 · 321 posts · 121 votes
9y
You can cash out refinance after you are on title for 6 months and then use the cash to renovate, then list or rent.
954-993-1625
Stairway Mortgage, a Division of NEXA Mortgage LLC597 Reviews
Website View Page
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Steve B.
Engineer · Portland, OR · Member since 2014 · 1k+ posts · 1k+ votes
9y
Sell the house as is unless your sure your 300k renovation is going to increase the ARV by more than 300k. Don't rent a million dollar house, your GRM will likely be terrible. I assume it's stepped up in basis so your not paying tax on the sale
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Account Closed
Kyparissia, Messinia · Member since 2017 · 56 posts · 15 votes
9y
My dad recently passed away, leaving us his house in MI. He had stated in his will that the house be sold and the money be split among children and grandchildren. My husband had already thought of maybe keeping it and renting it out. But we opted for selling it. If it was a smaller house, or in an area where it would be easy to find tenants, it would have been different.
We are now in the process of cleaning it up in preparation of inspection. I don't know how long it will take to sell it, hoping at least by the end of this year.
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Nick Watkins
Investor · Jenison, MI · Member since 2016 · 158 posts · 79 votes
9y
@Kevin Klyse can you afford the mortgage by yourself?
Do you want to be a landlord?
Do you have the time and money to improve the home?
@Account Closed where in MI is the house I might be able to help out.
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Account Closed
Kyparissia, Messinia · Member since 2017 · 56 posts · 15 votes
9y
It is in Riverview, MI.
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