What to do with a property that has an $858K market value?

[Tommi Edwards]

Hi BP, My boyfriend and I live in a Brooklyn townhouse he inherited. There isn't a mortgage on the property and the market value is set at $858K. We want to get started with investing in real estate and plan on pulling out some of the equity -about $250K. The plan is to use some of that money for renovations and to buy other properties. I'm a real estate agent and I have access to a database that shows me lis pendens properties. I'm mailing out my first batch of handwritten letters today (following the direct mail strategy) in hopes that I'll either be able to sell the property as an agent, or buy the property as an investor, given the numbers check out. I'm curious to know what others would do in this situation and if this seems like a good idea. Any opinions and feedback is welcomed!