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Updated 13 days 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!