* Inherited a 9 Unit Multi-Family in St Pete Beach, FLA* Help!
Good day,
In 2009, I inherited a 9 unit multi-family apartment complex with a pool one and a half blocks away from Upham Beach in St Pete Beach, Fla. (Photo attached). The units are all one bedrooms, almost 600sq ft except there is one efficiency at 400sq ft. They have been excellently maintained and I have been renting them on an annual basis since 2009, slowing increasing rents. The problem is, my property is appraised for $1,000,000 but after property taxes, all the FLA insurances (flood, hurricane, wind, etc), upkeep, I am only netting $30,000-40,000 a year, which is not much.
I live in Denver where I think the time has passed to buy an affordable multi-unit to do a 1031 exchange, so I am just kind of lost as to what to do. I know I can convert the apartments to condos (I have the old paperwork to do so) to make more money if I sell but I have no investment knowledge as to where to invest in real estate. I'm also not sure if real estate market in St Pete Beach is recovering so I have reached out to a few agents to get their opinions.
Are there any real estate consultants for hire (I did contact Jeff Brown -bawldguy.com) that can guide you through a sale and guide you where to purchase new real estate or do you have any other recommendations on what you would do if you were me? I wish I had the time to learn more on my own but I don't.
Thanks in advance for your advice!!!
Alysa