Condo left to me
New to Real Estate · Columbus Ohio · Member since 2022 · 11 posts · 5 votes
Condo left to me
Most Popular Reply
Real Estate Agent · Cleveland, OH · Member since 2026 · 8 posts · 5 votes
1moSell it
24 Replies
- MD/DC · Member since 2024 · 1k+ posts · 1k+ votes1mo
Hi and welcome. Sorry for your loss. Condos can have some downsides, not necessarily a deal breaker and I actually own 2 but they generally wouldn’t be my 1st pick. What I would consider is if this is a property you would actually purchase to use as an investment. If not sell it and use the proceeds to buy one that is.
- New to Real Estate · Columbus Ohio · Member since 2022 · 11 posts · 5 votes1moThank you.
Quote from @Jules Aton:
Hi and welcome. Sorry for your loss. Condos can have some downsides, not necessarily a deal breaker and I actually own 2 but they generally wouldn’t be my 1st pick. What I would consider is if this is a property you would actually purchase to use as an investment. If not sell it and use the proceeds to buy one that is.
- 1moTheresa HarrisPro MemberMember since 2019 · 15k+ posts · 11k+ votes
I would start by asking yourself if you'd buy that condo as a rental? Not all properties make good rentals. If it doesn't make a good rental, can you sell it and invest that money elsewhere? As Jules mentioned condos come with some challenges. Taxes are generally less as is the sales price, but the condo fees can quickly add up and then there can be special assessments for large one time repairs.
Could you sell it and buy a single family home where your money might go a bit further or sell it and use it to buy two homes (with mortgages)?
I agree with Theresa. That HOA fee will eat into your profits on this so if this is strictly a business decision then selling it may be the better option.
If you keep it, I would assume you would end up wanting to pull cash from it for you to use to purchse another property. Before deciding to rent it, I think you'd need to run the numbers of what the payment would look like AFTER taking the cash out. If it still will cash flow then you can consider renting it. If not... then selling might make sense. Either way, this should be a great start to your rental portfolio.
- New to Real Estate · Columbus Ohio · Member since 2022 · 11 posts · 5 votes1mo
Quote from @Tom Lade:
I agree with Theresa. That HOA fee will eat into your profits on this so if this is strictly a business decision then selling it may be the better option.
If you keep it, I would assume you would end up wanting to pull cash from it for you to use to purchse another property. Before deciding to rent it, I think you'd need to run the numbers of what the payment would look like AFTER taking the cash out. If it still will cash flow then you can consider renting it. If not... then selling might make sense. Either way, this should be a great start to your rental portfolio.
- New to Real Estate · Columbus Ohio · Member since 2022 · 11 posts · 5 votes1moThank you. I appreciate the advice, yes sounds like everyone is saying run the numbers places around there are going for about 130k but sitting on the market with price drop . So with that keeping intent made since to me without getting balled down on price if I tried to sell and it’s almost paid off . It may not be a cash cow but there is something there to work with. No I have not for a complete rehab just carpet , paint , fixtures, new outlets and switches. More I could do would bring in higher rents but I’m not in that place to put more money in it as of now.
Quote from @Tom Lade:
I agree with Theresa. That HOA fee will eat into your profits on this so if this is strictly a business decision then selling it may be the better option.
If you keep it, I would assume you would end up wanting to pull cash from it for you to use to purchse another property. Before deciding to rent it, I think you'd need to run the numbers of what the payment would look like AFTER taking the cash out. If it still will cash flow then you can consider renting it. If not... then selling might make sense. Either way, this should be a great start to your rental portfolio.
Quote from @Troy Manning:
Thank you. I appreciate the advice, yes sounds like everyone is saying run the numbers places around there are going for about 130k but sitting on the market with price drop . So with that keeping intent made since to me without getting balled down on price if I tried to sell and it’s almost paid off . It may not be a cash cow but there is something there to work with. No I have not for a complete rehab just carpet , paint , fixtures, new outlets and switches. More I could do would bring in higher rents but I’m not in that place to put more money in it as of now.Quote from @Tom Lade:
I agree with Theresa. That HOA fee will eat into your profits on this so if this is strictly a business decision then selling it may be the better option.
If you keep it, I would assume you would end up wanting to pull cash from it for you to use to purchse another property. Before deciding to rent it, I think you'd need to run the numbers of what the payment would look like AFTER taking the cash out. If it still will cash flow then you can consider renting it. If not... then selling might make sense. Either way, this should be a great start to your rental portfolio.
There are renovation loans for investment homes where you can get cash to renovate it if you think the numbers work. There are also simpler cash-out options like a refinance or a HELOC (the HELOC you can have the cash in as little as 5 days) if you needed some to fix it up enough to rent it out.
- Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes1mo
I would explore selling and trading it to something else. Condos can work but often the HOA eat into cashflow and a single family or small multi family is better in the long run. Also condos have a lower appreciation and smaller buyer pool long term.
- Real Estate Agent · Columbus | Toledo · Member since 2019 · 608 posts · 768 votes1moHey Troy!
Quote from @Troy Manning:
Good morning just wanted to say hello and I really enjoy reading all the advice and expertise people are giving. I have a condo that was left to me and I would like to leverage it to start building a portfolio one by one. I just got othe condo rent ready and presently looking for a renter. It’s not paid off completely but there is not much owed 14k . But definitely I really want to use this as a spring board to get the next property. Main question people may ask : the payment is only 353.00 a month which I am in the process to assume and there is a 277.00 monthly condo fee as well. Hopefully I have enough info for now. But really would like the input to continue to grow my real estate business.
Everyone made fair points on condo HOAs, but since you inherited this place, your math is in a totally different bucket. $14k left on a mortgage is nothing, a tenant will wipe that out in no time.
What are condos renting for in your specific pocket of town, and how much did you sink into getting it rent ready? Once you compare your total cash in to the monthly rent, your actual return will make it pretty obvious whether it makes sense to keep it or sell.- New to Real Estate · Columbus Ohio · Member since 2022 · 11 posts · 5 votes1moThere renting for about 1500-1600 more fixed up than mine I’m asking 1400 I have almost put about 4k into it
Quote from @Anthony L Amos Jr:
Hey Troy!Quote from @Troy Manning:
Good morning just wanted to say hello and I really enjoy reading all the advice and expertise people are giving. I have a condo that was left to me and I would like to leverage it to start building a portfolio one by one. I just got othe condo rent ready and presently looking for a renter. It’s not paid off completely but there is not much owed 14k . But definitely I really want to use this as a spring board to get the next property. Main question people may ask : the payment is only 353.00 a month which I am in the process to assume and there is a 277.00 monthly condo fee as well. Hopefully I have enough info for now. But really would like the input to continue to grow my real estate business.
Everyone made fair points on condo HOAs, but since you inherited this place, your math is in a totally different bucket. $14k left on a mortgage is nothing, a tenant will wipe that out in no time.
What are condos renting for in your specific pocket of town, and how much did you sink into getting it rent ready? Once you compare your total cash in to the monthly rent, your actual return will make it pretty obvious whether it makes sense to keep it or sell. - Real Estate Agent · Columbus | Toledo · Member since 2019 · 608 posts · 768 votes1moIt appears either option would be profitable, but ownership should win out every time. If you keep it and place a tenant, you will be cash flowing right away. Let the tenant pay off the debt, then refi and buy property number two. I have a client who strictly buys condos with low HOA fees and does really well with them!
Quote from @Troy Manning:
There renting for about 1500-1600 more fixed up than mine I’m asking 1400 I have almost put about 4k into itQuote from @Anthony L Amos Jr:
Hey Troy!Quote from @Troy Manning:
Good morning just wanted to say hello and I really enjoy reading all the advice and expertise people are giving. I have a condo that was left to me and I would like to leverage it to start building a portfolio one by one. I just got othe condo rent ready and presently looking for a renter. It’s not paid off completely but there is not much owed 14k . But definitely I really want to use this as a spring board to get the next property. Main question people may ask : the payment is only 353.00 a month which I am in the process to assume and there is a 277.00 monthly condo fee as well. Hopefully I have enough info for now. But really would like the input to continue to grow my real estate business.
Everyone made fair points on condo HOAs, but since you inherited this place, your math is in a totally different bucket. $14k left on a mortgage is nothing, a tenant will wipe that out in no time.
What are condos renting for in your specific pocket of town, and how much did you sink into getting it rent ready? Once you compare your total cash in to the monthly rent, your actual return will make it pretty obvious whether it makes sense to keep it or sell. - New to Real Estate · Columbus Ohio · Member since 2022 · 11 posts · 5 votes1moThank you , very helpful
Quote from @Anthony L Amos Jr:
Hey Troy!Quote from @Troy Manning:
Good morning just wanted to say hello and I really enjoy reading all the advice and expertise people are giving. I have a condo that was left to me and I would like to leverage it to start building a portfolio one by one. I just got othe condo rent ready and presently looking for a renter. It’s not paid off completely but there is not much owed 14k . But definitely I really want to use this as a spring board to get the next property. Main question people may ask : the payment is only 353.00 a month which I am in the process to assume and there is a 277.00 monthly condo fee as well. Hopefully I have enough info for now. But really would like the input to continue to grow my real estate business.
Everyone made fair points on condo HOAs, but since you inherited this place, your math is in a totally different bucket. $14k left on a mortgage is nothing, a tenant will wipe that out in no time.
What are condos renting for in your specific pocket of town, and how much did you sink into getting it rent ready? Once you compare your total cash in to the monthly rent, your actual return will make it pretty obvious whether it makes sense to keep it or sell.
- Investor · Pacific Northwest · Member since 2026 · 538 posts · 309 votes1mo
Troy — I would be very careful about “leveraging” this too quickly.
You inherited something most investors spend years trying to create: an asset with almost no debt on it.
That doesn’t automatically mean keep it forever. But I definitely would not rush into a cash-out refinance just because there is equity sitting there.
First figure out exactly what you own.
I’d want five numbers before making any move:
Current market value
Realistic long-term rent
Taxes + insurance
HOA fee and any known assessments
True monthly cash flow after vacancy, maintenance and reservesThen read the HOA documents closely. Rental caps, waiting periods, minimum lease terms, pending assessments and insurance issues can completely change the value of a condo as an investment.
After that, compare three paths:
Keep it nearly debt-free and let it produce cash.
Sell it and redeploy the equity into something with better returns.
Borrow against it and use the capital for the next acquisition.
The third option sounds the most exciting, but it is also the only one that takes a nearly debt-free asset and deliberately adds risk to it.
I’d make the condo earn the right to be leveraged first.
Get it rented. Learn the actual operating numbers. Preserve the existing low payment. Then decide what the equity should do.
The goal isn’t to own the most properties as fast as possible.
It’s to make each piece of capital create the next one without putting the whole stack at risk.
- 1moGregory AcsPro MemberLender · MD · Member since 2025 · 221 posts · 85 votes
You're already in a better position than a lot of first-time investors because you have an asset to build from. I'd focus on getting the condo stabilized with a good tenant first, then evaluate how the rental income, equity, and your financing options can help you acquire the next property. Building one solid rental at a time is often a much more sustainable approach than trying to scale too quickly.
- New to Real Estate · Columbus Ohio · Member since 2022 · 11 posts · 5 votes1moThank you very much.
Quote from @Gregory Acs:
You're already in a better position than a lot of first-time investors because you have an asset to build from. I'd focus on getting the condo stabilized with a good tenant first, then evaluate how the rental income, equity, and your financing options can help you acquire the next property. Building one solid rental at a time is often a much more sustainable approach than trying to scale too quickly.
- 1moNicholas FloydBusiness MemberNY · Member since 2026 · 290 posts · 97 votes
You’re actually in a pretty strong position if there’s only about $14k left on the condo. I’d first get it rented and figure out the true monthly cash flow after the mortgage, $277 condo fee, taxes, insurance, maintenance and vacancy.
Once it’s producing consistent income, I’d look at the equity in the condo and see whether leveraging a portion of it makes sense for the next property without overleveraging the first one.
I’d also look at the business side. If you have a properly structured LLC, depending on your personal credit profile or business revenue, business lines of credit, 0% APR business credit cards or other business funding could potentially give you additional liquidity for reserves, repairs or other qualifying business expenses while you’re building the portfolio.
The biggest thing I’d avoid is using every dollar of equity or cash you have just to get property #2. Keep reserves in place so one vacancy or repair doesn’t put you in a bad position.
- Real Estate Agent · Cleveland, OH · Member since 2026 · 8 posts · 5 votes1mo
Sell it
- 1moAshish AcharyaBusiness MemberCPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
Troy, you’re actually starting with something a lot of new investors don’t have: an existing property with very little debt left on it.
Before using the condo to jump into the next deal, I’d first get clear on what the condo itself is doing for you. Once the new renter is in place, calculate the true monthly cash flow after the mortgage, condo fee, taxes, insurance, vacancy, maintenance, and any management costs. Then compare that with the equity tied up in the property so you can see the return on equity, not just the monthly cash flow.
Because the balance is only around $14K, you may have several options later, keep it as a low-debt cash-flow property, refinance if the numbers support it, or potentially sell and redeploy the equity. I wouldn’t rush to pull money out until you know which option actually improves your overall position.
From the tax side, once it’s rented and placed in service, depreciation becomes part of the return. Keep the basis, closing records, improvements, and rental expenses organized from day one. If you eventually use the equity to buy another rental, I’d also make sure the debt and cash movements are tracked cleanly so the tax treatment is easy to support.
For the next property, I’d focus on buying something that works conservatively and leaves you with reserves rather than trying to scale too fast just because the condo gives you access to equity.
Feel free to DM me, I’d be happy to send over a few resources that might help you compare your options.
INVESTOR FRIENDLY CPA®5240 Reviews - 1moDiana KhanPro MemberAttorney · 10451 Mill Run Cir #755 Owings Mills, MD 21117 · Member since 2024 · 555 posts · 196 votes
Quote from @Troy Manning:
Good morning just wanted to say hello and I really enjoy reading all the advice and expertise people are giving. I have a condo that was left to me and I would like to leverage it to start building a portfolio one by one. I just got othe condo rent ready and presently looking for a renter. It’s not paid off completely but there is not much owed 14k . But definitely I really want to use this as a spring board to get the next property. Main question people may ask : the payment is only 353.00 a month which I am in the process to assume and there is a 277.00 monthly condo fee as well. Hopefully I have enough info for now. But really would like the input to continue to grow my real estate business.
@Troy Manning, one thing I would add from the legal side is to make sure the ownership of the condo is completely settled before you start trying to refinance it, borrow against it, or use it to buy the next property. I’ve worked with inherited real estate where the family knew who was supposed to receive the property, but the title, estate paperwork, or loan still needed to be handled before the owner could really move forward. Since you also mentioned that you are in the process of assuming the current payment, I would make sure that piece is fully clear too.
Once that is clean, then I would look at the condo as its own investment. What does it actually make after the mortgage, condo fee, insurance, taxes, repairs, vacancy, and reserves? And before renting it, I would also review the condo rules carefully for any rental limits or special assessments. You inherited something that may give you a very good starting point, so I would be careful about adding new debt to it too quickly. I like that you are thinking about how to use one property to build the next, and I’d be glad to stay connected and see how you move forward. Since the property is in Ohio, I would still have an Ohio attorney confirm anything specific to the title, estate, or loan.
- New to Real Estate · Columbus Ohio · Member since 2022 · 11 posts · 5 votes1moThank you
Quote from @Diana Khan:
Quote from @Troy Manning:
Good morning just wanted to say hello and I really enjoy reading all the advice and expertise people are giving. I have a condo that was left to me and I would like to leverage it to start building a portfolio one by one. I just got othe condo rent ready and presently looking for a renter. It’s not paid off completely but there is not much owed 14k . But definitely I really want to use this as a spring board to get the next property. Main question people may ask : the payment is only 353.00 a month which I am in the process to assume and there is a 277.00 monthly condo fee as well. Hopefully I have enough info for now. But really would like the input to continue to grow my real estate business.
@Troy Manning, one thing I would add from the legal side is to make sure the ownership of the condo is completely settled before you start trying to refinance it, borrow against it, or use it to buy the next property. I’ve worked with inherited real estate where the family knew who was supposed to receive the property, but the title, estate paperwork, or loan still needed to be handled before the owner could really move forward. Since you also mentioned that you are in the process of assuming the current payment, I would make sure that piece is fully clear too.
Once that is clean, then I would look at the condo as its own investment. What does it actually make after the mortgage, condo fee, insurance, taxes, repairs, vacancy, and reserves? And before renting it, I would also review the condo rules carefully for any rental limits or special assessments. You inherited something that may give you a very good starting point, so I would be careful about adding new debt to it too quickly. I like that you are thinking about how to use one property to build the next, and I’d be glad to stay connected and see how you move forward. Since the property is in Ohio, I would still have an Ohio attorney confirm anything specific to the title, estate, or loan.
- 1moBrad SeidBusiness MemberLender · Licensed in 28 States · Member since 2026 · 178 posts · 55 votes
@Troy Manning Welcome! Sounds like you’ve already got a great foundation to build from. Once the condo is rented, you may have some good options to leverage it for your next property. If you’d like to explore financing strategies for growing your portfolio, feel free to reach out. Happy to help! 👍
West Capital Lending5127 Reviews - 1moJason MalabuteBusiness MemberAccountant · Los Angeles, CA · Member since 2016 · 2k+ posts · 907 votes
Troy, starting with a property that only has about $14K left on it puts you ahead of where most people begin. Before you use it to reach for the next deal, I'd get a real number on what the condo produces once a tenant is in place: rent less the $353 payment, the $277 association fee, taxes, insurance, and honest set asides for vacancy, repairs and management. Then hold that against the equity sitting in the unit, because almost all of your money is parked in there and the question is what kind of return it is actually earning you. That number is what tells you whether it makes more sense to hold it as is, borrow against it, or sell and put the money somewhere it works harder, and I would not pull cash out before you know which one wins. On the tax side, depreciation starts once the place is ready and available to rent, and since you inherited it your starting point is the value it carried when it passed to you rather than a purchase price, so get that documentation, any improvement receipts and your operating expenses organized now instead of digging for them next spring. If you do borrow against it to buy the next property, keep the loan proceeds and what they were spent on clearly documented, since the tax treatment follows how the money was actually used. All of this moves with your specific facts, so it is worth walking through with your own CPA or tax advisor.
Malabute & Company CPAs525 Reviews- New to Real Estate · Columbus Ohio · Member since 2022 · 11 posts · 5 votes1moThank you.
Quote from @Jason Malabute:
Troy, starting with a property that only has about $14K left on it puts you ahead of where most people begin. Before you use it to reach for the next deal, I'd get a real number on what the condo produces once a tenant is in place: rent less the $353 payment, the $277 association fee, taxes, insurance, and honest set asides for vacancy, repairs and management. Then hold that against the equity sitting in the unit, because almost all of your money is parked in there and the question is what kind of return it is actually earning you. That number is what tells you whether it makes more sense to hold it as is, borrow against it, or sell and put the money somewhere it works harder, and I would not pull cash out before you know which one wins. On the tax side, depreciation starts once the place is ready and available to rent, and since you inherited it your starting point is the value it carried when it passed to you rather than a purchase price, so get that documentation, any improvement receipts and your operating expenses organized now instead of digging for them next spring. If you do borrow against it to buy the next property, keep the loan proceeds and what they were spent on clearly documented, since the tax treatment follows how the money was actually used. All of this moves with your specific facts, so it is worth walking through with your own CPA or tax advisor.
- Coral Springs, FL · Member since 2018 · 495 posts · 112 votes1mo
Troy, you're in a better spot than most people starting out. $14k left on a mortgage is basically nothing. A tenant paying $1400 a month will have that wiped out fast, and then you've got a cash-flowing asset with real equity behind it.
I buy properties at tax deed auctions in Florida, and the math is totally different from what you're dealing with. I'm paying cash, competing against investors who know the market, and dealing with properties that might have title issues or squatters still inside. Your situation is the opposite. You've got a clean inherited property with almost no debt. That's a gift, literally.
The advice here is solid. Get it rented first. Run the real numbers after the HOA fee, taxes, insurance, vacancy, and maintenance. See what your actual return looks like on the equity you've got sitting in there. Then decide if you want to hold it, borrow against it, or sell and redeploy.
One thing I'd add: that $277 HOA fee is the number to watch. Condo associations can raise fees or hit you with special assessments for big repairs. Read their financials if you can. A special assessment for a new roof or parking lot can turn a good deal into a bad one fast.
You've got a good foundation here. Let it produce income for a year, learn the actual operating costs, then make your move on the next property from a position of strength instead of rushing into leverage.
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