Friend inherited $215k condo from parents. What should he do?
A friend of mine works in IT inherited a 2 BR 2 Bath condo in the Falls Church area from his parents when they decided to move out of the country. He currently lives there with his sister. Similar condos in the building have sold for around 215k. The building is called Wood Lake Towers
I've been telling him he needs to talk to some experienced investors to figure out what his options are to get the biggest bang for his buck. He said he's torn between keeping it and renting it out or selling it.
If it will appreciate a great deal in the next few years once its paid off he wants to just rent it out and sell it in a few years.
I've told him if he can sell if for around 215K he could use that money to buy a few rental properties and grow his earnings exponentially compared to his idea. Or possibly airbnb the property if there is high demand in his area.
He has about 35K left on the mortgage and he'll own it free and clear.
The mortgage is currently 1k and the condo fees are $500. (I hate Condos and condo fee's btw)
What would you all do in his situation?