Considering Estate Property

[Jennifer Cannon]

Hi!

I am very new to investing in real estate. I have a complicated question, at least it is to me. We have inherited a home in Philadelphia- Juanita Park.  It is an attached home with two small apartments. Each apartment has 1 bedroom and 1 bath. The bottom apartment has access to the garage.  The home will need about 10,000 in work to bring it up to par. We are deciding whether to sell it or keep it and rent out the apartments.

Here is the tricky part, we live overseas (South Korea) and our homebase is in North Carolina. We would need to hire a manager for the home in Philadelphia. My aunt, who lived in the home did rent the apartment above her and used a management company.  We most likely will continue to use this company.  We currently have a company managing our home North Carolina. It has been a great experience. 

I am not sure if we will be paying any estate taxes as of yet.  Since we would owe the home outright without any mortgage, I was considering taking a mortgage on the home (10,000) to pay for any repairs.  Or possibly using the cash I have on hand to invest in the home. As I input these numbers in the investment calculator, it seems like a good deal to me. 

If anyone could provide any guidance for my situation, I would love your input. 

Sincerely,

Jennifer

[Jennifer Cannon]

Hi Daniel,

Wow, what a small world!  Thank you for the information, and I look forward to connect with the meet up group in Seoul.  Maybe we will meet one day. 

Cheers,

Jen