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Updated over 2 years ago,

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Foreigner and inherited a single-family home near Disney

Posted

Hello everyone, I'm new to Real Estate investing and this is my first post here. 

My uncle passed away recently and to my surprise, left me his investment property. It's a fully paid 3 bedrooms 2 baths, 1800 square feet single-family home with a back yard pool, located in a condo near Disney.  

After the initial shock about the loss, and then of finding myself a property owner at a young age, I'm now trying to decide what to do with it. I have no background or experience in Real Estate. I've done some initial research and with the help of a lawyer, did some diligence and put my name on the deed. The property is managed by a company that rents it as a vacation home for short-term tenants. 

Because I don' live in the US (don't even have a visa) I and am currently finishing my Masters degree, I don't have the option to just move to this house. So, right now I'm trying to decide between:

1) Keep it and continue renting. The current company, after subtracting all expenses, brought in 6000$ last year, which doesn't seem a lot based on my research, so I might have to change.

Concerns: If the current crisis gets worse, I imagine less people will travel or won't be willing to pay as much. I've seen the posts here talking about a bubble, so I assume the house could also lose a lot of value in this scenario.

2) Sell it. Based on my research, the house is currently worth ~400k.

Concerns: I'm reading a lot on the topic, but I do not know much about what's involved in selling a property. For example, how to have someone perform repairs to get it ready (without me being present), what to do with the furniture that's in there, etc, etc.  Also worry selling could be a bad idea if the current crisis is short-lived and the value goes up in the future, or I decided to move to the US. I started reaching for agents to get quotes and to ask questions, so I can make a more informed decision. But to be honest, I also have no idea how I'd to choose between an agent.

I'm doing ok financially, low debt, no job right now, but I have a good scholarship and a job lined-up for after graduation. So I'm not desperate for money.

To summarize this long post, I'd like some help with:
Inheritance-> Is there anything I might be missing here, besides that deed change?
Keeping vs selling-> I'd like help making this decision, would love to hear your opinion, and what factors you would consider.


Thanks everyone!

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