Inherited property, what to do??

[Charles Trimmer]

Hello,

I just inherited a condo in Clearwater, FL. It's a 1 bedroom, 2 bathroom officially. It's really a 2/2 but the second room does not have a door or window so it doesn't qualify as a room. I estimate it's value to be around $320,000. I own it free and clear. Over the past few days I have been non stop thinking about what I should do with it. Cash out refi? Collect the rent($1750 gross at the moment, 1000 net) and save up for a down payment on another property and go from there? Sell it and buy smaller properties with less tax and HOA.

I need advice from professionals. I feel like collecting 1000 a month from a 300,000 dollar property is wasted potential at the moment when people who started with much less own 20+ doors now.

[Bruce Woodruff]

a) You're not competing with anyone but yourself. Don't compare....

b) $1750 out of a $300k is not horrible. Can you raise that at all?

c) Have you considered doing a STR? Would it work in that area?