My 2 to 4 properties.

[Ashley Brown]

So I'd like to talk about what to do with 2 homes that I have right now. And another 2 homes that I’m due to inherit. I’m 45 and I have very little saved in retirement and it’s long overdue that I put some thought into what I’m going to do with these properties and my life leading up to retirement. Considering SS won’t be a thing when I get older. 

For starters, I'm currently living in South Australia. Was lockdown here due to Covid, but now I can come back up to Tampa. 

First up is my current one I’m living in. It’s a 2bed 1bath flat that I bought in Feb 2022. The kitchen and bathroom have been completely renovated. Right now I owe about 207k on it. My monthly repayments for it are 814 per month.

The second one is a house in Tampa Florida that I used to live in. I own it free and clear but it’s not rented out. Mainly because all my stuff is still inside and it’s pretty old and beat up. It was built in 1937 and hasn’t been updated since. I’m having a home inspection this week so I can find out what’s going on structurally. I should also mention the surrounding area is gentrifying. The block is 30’ by 140’ on a corner lot.

Number 3 is the house next door to the aforementioned house which is in the same condition. Owned free and clear, but needs a lot of work. That’s where my mother lives currently. That block is 50’ by 140’

Here is a picture. 2 is on the right, 3 is on the left. 

And finally I’ll be handed my parents old apartment in Brooklyn.  A 1 bed 1 bath on the top floor. That is also owned free and clear, but it’s in a Co-op. The co-op has decided that I can only rent that apartment for 3 out of 10 ten years.

So, what would you all recommend? What I wanted to do was rent out the apartment for those 3 years while I'm rebuilding the 2 in Florida. But that's just my best guess.  

[Matias Torres]

Hello @Ashley Brown, if you're thinking about selling either of your Tampa properties let me know!

I'm out of California but have been meaning to buy something on the East Coast, specifically South Florida.

Regarding your situation, you have many options. I would recommend getting crystal clear on what your end goal is and how involved you want to be in management. Where you want to be based, is a good place to begin. After you know where you want to live,  you can choose to rehab & hold units, sell to get capital, and focus on 1 project at a time. If I was in your place I would want to rehab before I sell to squeeze out the most from it, but that is a labor-intensive task, especially if you do not have the experience.

I have always found it helpful to focus on one thing at a time, even if you have much to do. Your goal setting will drive your priorities, and your consistent action will keep you moving forward.

Best of luck!