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Updated over 1 year ago on . Most recent reply

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Nathaniel Jones
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Need Advice - Properties Multiple States

Nathaniel Jones
Posted

Need advice. My father was able to build up a significant amount of rentals. But over the last 15 years it’s slowly fallen apart due to his health and some other unfortunate family events. 

The homes are in Seattle (2 rentals) and then across the country in Greenwood, SC (23 homes) and one in Charleston SC.  All of the homes are outdated, I think at least a third are unoccupied. Every home in Greenwood is paid off. 

What is the best way with this limited amount of information would you approach this? I was thinking of something like what Dave Ramsey talks about but with houses. Maybe start with the unoccupied home that needs the least amount of work and try to get it to cash flow again and then go from there (like his snowball method for paying off debt) - while maintaining and taking care of small repairs at homes that are rented.

Would appreciate any help or advice. Being that I am new to this website - not sure if you can private message me - but I just want to try and help my Dad out. 

Most Popular Reply

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Sherief Elbassuoni
  • Realtor
  • Bellevue, WA
1,968
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882
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Sherief Elbassuoni
  • Realtor
  • Bellevue, WA
Replied

@Nathaniel Jones, do inspection to see if anything major needs to be fixed, then run the numbers for two scenarios. First scenario is renting the place out. Second Scenario is sellign them. 

Then compare the summary of numbers after putting this summary in a spreadsheet.

Numbers will tell you what to do next.

Feel free to reach out if you need help!

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