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Updated about 6 years ago,
Should I hold on to a RS 6 Unit Bldg in East Flatbush Brooklyn
Short story. My immigrant parents purchased a 6 Unit building with RS apartments in the late 80s. However, at this point, all of my immediate family members with interest in the building are living out of state. Finding a trustworthy building manager is like finding a needle in a haystack.
I personally would like to keep the property, however admittedly without good management, it seems almost impossible.
So here is my question:
What should the family do?
1) Keep looking for a great manager
2) Sell the building and purchase a multi-family home elsewhere in Brooklyn. A smaller property 2 or 3 family. Less tenants, less regulations... hopefully less headaches
3) Sell the building and invest in property in another party of the country
Any advice is welcomed.