My dad needs help with his decision to sell his apartments.
My dad has about 35 doors in one location which is his main source of income. The units are probably worth $2mil and are bringing in probably $20k a month.
The units are about 25 years old and have not been serviced good the last 5 years. It’s too the point where there’s probably $200k worth of stuff to be done to get them back to 100%.
My dad is older and doesn’t want to go into anymore debt so he is having thoughts of just selling and getting out of it.
The negativeI see to that is:
1. What is he gonna take the money he gets from selling it and do with it to bring in the same amount of money to live on?
Seems to me he needs to keep them spend the money it takes to fix them up to get full rent and just take that hit.
Just wanted to get some opinions. Thanks