Inheriting half a house

[Lauren Soderstrom]

Sadly, my father passed away leaving my brother and I half of a paid-off house.  It is in an A neighborhood.  About 40 years old.  All major stuff done 8 years ago. It would be silly not to buy my brother out on this one right? I would be paying about $200,000 for about $2,650 in rent.  It just feels weird renting out my childhood home so I need some calm rational thoughts. Lots of emotion playing into things now. 

[Kevin Berry]

Lauren,   Sorry for the loss of your father.  I can understand the feelings you're experiencing in determining what to do with your family home.   I went thru the same scenario 3 years ago.  I bought my brother out and am continuing to rent my home today.   

I agree with Julio above and agree the numbers make sense and are well worth it.  $2650/mo in rent is above the 1% rule.  Who cares what the total value of the home is in determining if renting makes sense as long as you obtain positive cash flow.   I dont know many who would turn down a deal (house) when offered at half price.  

On a personal level, consider your keeping the house as a way of carrying on your parents legacy.  They worked hard to obtain and maintain a safe place for your family.  You are perhaps holding this to pass on to your children or future family members.  These family values outweigh any monetary value.

On a side note, if at first showing and dealing with the details of renting are too much - consider a property manager or a friend to help.  Good luck with your endeavors whichever way you choose.