All Forum Posts by: Vito Ellison

Thanks @John Warren & @Joshua Janus, apparently I also need to learn how to tag people when I'm on my phone.  Appreciate the advice.

Thanks @John Warren, that's exactly why I want to run the numbers with my contractor. There are things I can see, but it's a 100 year old house, I'm sure there are others I'm completely unaware of.

Thanks @Joshua Janus, I hadn't considered a HELOC. I'll have to see if that's doable with a rental property, as it will no longer be a family residence. Also, I like the call on an investment friendly realtor. Going to do some digging...

I own a rowhome, free and clear in what you'd probably characterize as a C market. My parents lived in it for almost a decade, while I've had my own career, homes and life out of state.  Now that my Mom will be moving into the "in-law suite" at my home, I have a dilemma between rehabbing the rowhome and putting it up for rent, or trying to take advantage of the hot market (the Zestimate is higher than the purchase price) and getting it off my hands.  

Key considerations, I'm not handy and don't relish the idea of being a landlord, so I'd probably spend on a project manager (limiting my upside), but I can also see the potential upside of holding the property as an asset on the books either way.

My question for the community is, what should I think about in making my decision?  My plan was to talk to a realtor to get a realistic idea of the potential value of the property; bring in my contractor to get a realistic price on the rehab to make it a better rental and to try to find rental comps online.  That said, this (clearly) is not my area of expertise.  If you can either answer me or point me toward resources to help me make the right call, I would really appreciate it.