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Updated almost 8 years ago, 02/25/2017

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Deanna McCormick
  • Minneapolis, MN
1,760
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Inherited rental property 50% ownership should I hold or sell ?

Deanna McCormick
  • Minneapolis, MN
Posted

I inherited a  rental property ( house & 2 bungalows all on same site ) it is free and clear no debts, I own 50% other share is sibling, we have both worked on this property for years together and have no issues managing the property. I expect no huge repair costs soon, but have a good reserve to cover if needed.  All rented out and long term tenants, projected vacancy loss is minimal. 

Projected income for 2017 after expenses,including estimated income tax will be a net profit about $18K, Split is 9K each. 

My immediate family wants me to put it on the market,, I am the decision maker and not so sure I should do that yet. 

I don't want to take a loan out against the property for investment purposes, I did that for a flip, a 2 years ago and was stressed the whole time, did make a profit of 30K but if I do that again it will be totally with just my money. 

I'd like to plan ahead,is this amount of income enough justification enough to keep it for awhile yet.. 

Or should I free things up and have more options. Once it's sold it's gone.. If i put on market would be in the next few months.

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