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