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Updated about 8 years ago,
Inherited Property, house, and store...need help
Before I start i inherited property but trust me I worked me butt off at this business to get it where it is today so it wasn't just "given to me".
So I posted before on this but the terms changed.
My grandma is giving me 2 field balls, a store, and a log cabin with a pond. Very nice property that is all in the same location.
I want to rent the log cabin out, turn the store into a duplex style house ( 10 year old building that looks brand new), and almost rent out another building that was converted into a house next to ball fields.
In our area ball fields are worthless, there's no cash flow anymore like we have in the early 2000's, so I would like to build another 4-5 fourplexes or something in that nature.
What I need to do to get the property is help pay $5000 in property taxes each year so she can't afford to keep the property. So I basically buying them out of her.
So here's my issues,
I don't know where to go for funding, and not very handy when it comes to fixing issues so might need a property manager.
To whoever reads this, what are your thoughts and ideas? Am I on the right track? And should I handle this differently?
Thank you!