What do we do with what we have?

[Vincent Harris]

Hello BP! I've been a member here for a little while, although I haven't posted much (or anything besides my new member introduction) I've been reading and listening to podcasts, trying to figure out what to do to get started in RE. Recently graduated (23 years old) with my Bachelor's in Organizational Communication, although it isn't doing anything for me right now career wise as I'm working in car sales. 

My issue is that my family owns a bit of property, but they're not assets according to Rich Dad Poor Dad, which implies that yes, they are liabilities! 

We've got: our primary residence (Carmel, NY), which once fixed up could sell for around 300k, about 54 acres of rural land in New Windsor, NY that is just sitting there eating mortgage payments and taxes, and two other properties in more complicated situations that we're trying to wash our hands clean of. The issue here is that none of these things are cash flowing, and would need a good amount of repairs to be in a rent-able state. Repairs that we can't necessarily afford at this moment.

My questions is, what are some ideas to turn what we have into a decent foundation for RE investing? It's something we're all interested in, but with all things considered, we just don't know where to start. What advice might BP have to offer here?

Also, I know that all of this is very general, but if more detail is needed they can be provided.

[Caleb Heimsoth]

Vincent Harris is the rural land mortgaged, or just paying taxes on it? Is it near any sort of major city or area?

How much is owed on the primary? How much would repairs be?

Depending on some more information my gut says sell the land. Buy rental real estate with the proceeds