Father’s Estate Multi-family property

[Gaspar J. Cruz]

Hey I hope some of you guys can help me,

I recently graduated college and have limited work and credit experience. My parents both passed away in December and January and they left behind a commercial property in Sleepy Hollow, New York. The property is 6 units and the rents are substantially below market for 2 bedrooms in this area. An issue that has plagued this whole situation is that when my parents got sick they were behind on their mortgage and the bank wanted to foreclose the home. Last time my lawyer checked the balance it was about $400,000 with lawyer fees included. My younger sibling and I want to keep the property and possibly buy out my other two siblings from another marriage since they have no interest in keeping the property. I calculated that their share each would be around $87,500 each. The total amount of the loan would be about $575,000, which is less than the median average of single and smaller multi-families in this town. The building is worth 750k to 800k. I have no problem with the tenants in place right now and everyone is month to month. The net operating income right now is about $4,300 a month with the current rent. If I increase the rent by $200 it would increase to about $5,200 a month. I live in one of the units and make about $3000 a month from work. I have about $60,000 saved up for repairs. 

I’m clearly emotionally attached to this property but I feel like it’s gonna be a gold mine when the new development up the street is finished. 

Where and how can I find any resources that can help me? 

Thanks,

GJC

[Jason Dillard]

You don't have to "assume" it. Just catch it up and pay it. I would be very surprised if they won't allow the estate to make the payment. Get with your propbate/estate attorney about getting it in your name or TRUST. Here in SC, a probate Judge signs a deed of ditibuion to heirs after the probate is done. Sorry I don't know exact process to get property in your "name" there. In the mean time, a person is designated to act for estate.