Updated about 6 years ago on . Most recent reply
Advice on dealing with inherited out of state property
The home is a very solid brick structure sitting on just over two and a half acres in a very very desirable area of North Carolina outside of Charlotte. The home needs to be updated in the usual areas... Kitchen, baths, flooring, replacing wallpaper, Etc.
I can buy out the other beneficiaries interest for just over $100k. With approximately $50k of high-end updates, the property can be sold in the mid $200s.
While from a dollar perspective, it definitely makes sense. My question is how practical is it to do something of that nature from a distance?
As a final question, would you convert a fully dressed out man cave with huge fireplace, full wet bar, half bath, closet, private entrance measuring 500 square feet into a mother-in-law Studio? The idea would be to add the kitchen and convert the half bath into a full bath.
To give you an idea of my experience level, I own and manage rental properties in Pensacola. I'm very used to dealing with contractors but obviously, in my immediate vicinity. I have no contacts for contractors in the area where the home is located.
Any help is greatly appreciated. Thanks in advance.