Should my parents rent instead of sell our current house?

Should my parents rent instead of sell our current house?

Member since 2022 · 2 posts · 1 vote

Hey everyone, 

First post here and not sure if this is the right section to post to but I wanted to ask for any advice on my current situation. For some background info, I'm a 21 year old college student and an aspiring real estate investor. This was originally my grandparents house which they owned for most of their lives and only recently (about a year or so ago) they gave the house to my parents and there is no mortgage on the property. Me, my mom, and my siblings have all lived here with my grandparents for their whole lives so the property has not been sold in a very long time. The thing about our house is that it has a unique layout that I only just realized makes it  (at least in my eyes) a perfect rental property. It is a two story house, no basement, both floors have their own kitchen, bathroom, and 3 bedrooms. In addition to this, we have a detached garage behind the house that has an upper level that has its own kitchen, 1 bedroom, and 1 bathroom. It's an old property (1962 according to realtor.com) and I have no idea what is even permitted or not permitted. My parents were planning to buy their own house in a different county and sell this one. Should I suggest the possibility of renting it out? I don't have any experience in real estate investing yet but I feel it could be potentially really good for my parents, especially since they aren't even paying a mortgage on it.

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Theresa HarrisPro Member
Member since 2019 · 15k+ posts · 11k+ votes
4y

How much would you get in rent?  Who would manage the property?  Do they need the money from the current home to buy their next home?

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  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    4y

    How much would you get in rent?  Who would manage the property?  Do they need the money from the current home to buy their next home?

  • Jon KellyPro Member
    Investor · Bethlehem, PA · Member since 2016 · 929 posts · 951 votes
    4y

    @Isaiah Gill of course you can suggest it, but it's up to your parents if they want to get involved as real estate investors. 

    If I've never done a deal before I don't think I'd pressure my parents too much to rent out my deceased grandparents house. Too many emotions and not enough knowledge. 

  • Bjorn AhlbladPro Member
    Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
    4y

    @Isaiah Gill welcome to BP! Lots to consider. First is it zoned for MF rental. If no then sell for sure. If yes, then everything else that has already been suggested. In any case start educating yourself thoroughly. All the best!

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