Advice on Fire Damaged Property
Hey everyone, just looking for some feedback and/ or options. One of my properties caught fire a few weeks ago. The tenants are ok but everything is destroyed. The insurance has offered me a cash pay out option if I don't rebuild. To be honest, I don't think I want to rebuild. My question is what would you do with the cash? I still have a mortgage on the property. My initial thought was to pay off mortgage and try to sell the home as is. Then I thought to keep mortgage and just pay on it until it sells and take the cash and put down payment on duplex and purchase some tax deed properties and invest in my other business. Just looking for some feedback from anyone that has been through this.