Seeking Advice: Transforming Family Property into Profitable Asset - 29 Palms, Ca

[Benjamin Carter]

Hello Bigger Pockets Community,

I'm Benjamin Carter, and I'm reaching out to tap into the wealth of knowledge and experience within this community regarding a property conundrum my family is facing. We own a secondary home in Twentynine Palms, CA, which has been in our family since the late 1970s. Over the years, it has served as a cherished vacation home, lovingly renovated by my grandfather, brothers, and myself. However, now we find ourselves at a crossroads.

The property is fully paid off and holds sentimental value as part of our inheritance. However, it's currently not generating any income, and my family is divided on what to do next. While some of us want to preserve it within the family, others, including my late grandfather's wishes expressed through my grandmother, are inclined to sell if we can't make it financially viable.

The house itself is a 1 bedroom, 1 bathroom dwelling. My aspiration is to explore all potential avenues to turn this property into a profitable asset. One vision is to bring it up to market rent standards, rent it out, and potentially refinance to leverage our equity for further investment opportunities. As a licensed realtor in California, I'm eager to leverage my expertise but also recognize the value of community insights and collaboration.

This is my first post here, so I'm not entirely sure of the usual depth of information shared, but I'm open to discussing all options and grateful for any guidance or suggestions from this esteemed community.

Looking forward to your input and advice.

Best regards, Benjamin Carter

[Benjamin Carter]

"Thank you all for your valuable input and suggestions. I've done some research into the market potential for renting out the property and it seems we could expect to fetch between $1,000 - $1,100 per month in rent, which is promising.

Regarding the property's sale value, comps in the area indicate a range between $220,000 - $260,000. Admittedly, finding direct comparables has been challenging due to the unique nature of our family's home, but these figures give us a good starting point.

I've taken the proactive step of having a property manager conduct an inspection, and preliminary feedback suggests that the renovations required might be relatively minor, pending the final review from the contractor. I anticipate having more detailed information on this front by next week.

Once again, I appreciate everyone's input and am looking forward to exploring all options to maximize the potential of this property."

Best regards, Benjamin Carter