I am thankful that my mother is still alive and well.
She means the world to me as, I’m sure, your mother means a lot to you. The loss of a parent can be devastating and the financial and emotional issues that come with that transition can be pretty intense. If you add to that the complications that sibling disagreements can bring (I have 4 myself), you can have a pretty sticky situation.
When you inherit a house you have 3 big options: You can move into it, rent it, or sell it.
- More into it.
If you are still renting or you want to keep Mom’s house in the family, then this may be the best option.
2. Rent it.
Maybe you already have some properties that you manage. Maybe you have enough properties that it makes sense to have someone else manage them. If you are familiar with being a landlord, it would make sense to add one to your portfolio. If you haven’t rented properties before, it may be more difficult than you think. If you have other siblings, it may not be worth it to rent it. The net income of a rental split between 5 people (for my family) wouldn’t be a lot of money.
3. Sell it.
Many people go with this option. You could sell it by owner, list it with a realtor, or sell it for cash to an investor. Nothing is wrong with any of these options. It just depends on what your situation is. If you have a few months and can make a couple repairs, you may make more money selling the property by owner or through a realtor.
But how much is your time worth?
If you’re interested in selling to an investor, I hope that you would consider me. We generally close in less than 30 days, we cover the closing costs, and take the property as-is.
Give us a call and let’s see what we can do.