Sell parent’s rental portfolio or find property manger?
My father has a few small rental buildings in the NW Chicago area. He was the primary property manager and jack of all trades for the properties, but recently he had a massive stroke. His stroke was really bad that he will not be able to leave the nursing home. Now I’m tasked with trying to manage the properties, but it is becoming overwhelming and impacting my family. Should I try to sell the properties or hire a management company?
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@John Garb no reason to call a realtor unless you are ready to sell. We all know their advice will be "now is the time to sell". Sorry realtors but you only get paid when people buy and sell, so this is no secret.
What you need to do is talk to an attorney about asset protection. The nursing home costs money and will drain every penny your father has. See if the properties are in a trust and if not, see what your options are. Selling them will result in taxes and could put all the money at risk. It may be better to keep them. My guess is you want to protect the assets for your father while alive and he likely wants to pass something along after death. You need an attorney to help you navigate the best path.
Yes, hire a manager for the properties, but solve the asset protection issue in parallel.