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Updated about 6 hours ago,
Rent or sell
First post, no idea what I’m doing, lol
My grandfather passed away and left me his condo, which is fully paid off (and located in a seniors residence) It’s worth approx $500,000 (CAD). Rent I could probably collect $2000 a month. Condo fees $800 a month.
I live in my own primary residence and that is fully paid off.
I am exploring options - sell his place, use is as a rental or take some equity out if it to purchase another property (I was thinking maybe a short term rental on the lake)? Real estate is not my of my knowledge base at all but I want to start working on building passive income now (I’m 44).
I’d love to hear your take and what you would do. I also have $100,000 sitting around from him because I have no idea what to do with it
help!