Updated over 4 years ago on . Most recent reply
Persuading the Family to turn our burned down home into a rental
Whats going on guys? Im pretty new to the community but I would love you guys input and advice. Back in 2019 my families condo burned down and we were forced to move out. Long story short the condo has now been repaired and renovated by the condo association and insurance company. Dealing with the condo has taken a huge emotional toll on my mother and she wants to sell. She has listed the property as for sale by owner and can most likely sell the unit for $205,000-$210,000. Her mortgage balance is $128,000, she would profit around $77,000-$82,000. I know this property would make for a great rental. It is in a great community with great schools, great property values and good rents. An agent friend of mine has done some research and told me the property can rent between $1400-$1700 with a monthly mortgage payment (HOA included) of $1024 a month she could profit from anywhere $400-$700 a month. I have laid out all of the numbers to her and she knows it makes sense but is leaning into the emotional toll it took on her. Does anyone have advice on what else I could possibly do to persuade her?