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Updated over 1 year ago,

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11
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0
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Help I'm left with a house!

Gregory Robinson
Posted

In recent years my mother has, as she said it, gifted me her old house, this process was done without me signing anything and I became the owner of this house that I'm responsible for.  Just within the last year I've had to replace bricks on the side of the house that was looking bad and now it's got a possible mold problem. I don't make enough money from my current job to pay someone to fix it and I'm not even sure if it's possible for me to make any money from selling it considering the way my mother transferred it. I'm no specialist but if sell it I'm assuming the cost of selling will be high since I paid nothing for it, I'm not really sure what the rules are on it. I have been listening to the podcast for a while now and every episode refers me back to here for more information, so I was hoping one you experienced guys know if I'm able to come up off this and possible turn it around and use this house to make money some way. My personal thought was to try and get a mortgage and fix it then rent it out to pay off the mortgage, would this be a smart move? Would I be better off trying to sell this and use what I make as a down payment towards a different loan and possibly start my real estate business this way?  So many questions and I'm from a small town so It's not likely I'll find a mentor out here in the country.

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