What Can I Do With My Share of Inherited House

I recently inherited a house after one of my relatives died. The property was conveyed to me through the probate process and I now own it jointly with two relatives. I want to make the best decision about where to go from here. I have spoken to a lawyer and an investment counselor who gave me lots of good ideas on things that I can do. I want to ensure that I make the best choice for myself and my cousins so we will discuss the alternatives and make a decision together.

Rent the House and Split the Income

Renting the house and splitting the income seemed like a good idea at first. That would allow us to have a steady source of income every month. However, I don't want to have to be the one who is responsible for things like maintaining the property, ensuring that the needs of tenants are met or even splitting the income every month. Since I usually end up being responsible for everything, I can see that becoming a big problem. I will lose money doing repairs while they complain and do nothing.

In addition to that, my other relative seems to be convinced that since they are older than us, they should get a bigger share of the income. I am not having it and think that all proceeds from whatever we decide to do should be split evenly among us. I do not want to keep going through the same discussion month after month. I would rather pursue an option that allows us to make a fresh start.

Buying Out My Relatives

I could pay my relatives for their share in the house, so I would have complete ownership. However, one of my relatives is a bit of a spendthrift and no matter how much money they get, they seem to lose it all within a few days. When that happens they come to the rest of us for money.

I am concerned that they will complain and keep coming back to me for cash every month even after they have gotten their share of the money and signed a quit claim deed. If I buy my cousins out I will still be left with the problem of paying taxes on the house and upkeep. It does need a few repairs already and none of us have the money for that.

Use the Real Estate to Get a Loan and Invest in New Properties

We could get a loan on the property and invest in a business. However, we would still have to pay pay interest on the loan. I am also not sure that all of us want to risk additional expenses from a loan without being sure that the business would perform the way we want it to.

Sell Our Inheritance Property

It seems that what we need to do is sell the property that we inherited. In fact,  selling my house fast would incur less capital gains tax. I have other investment opportunities that will give me much more money than I would get from being partners with my relatives. After we sell our house in Miami, we can split the profits and each get to make our own decisions. We will not have to consult each other about repairs, changing the paint or any minor or more important issues.

I do not want to be forced to check with them every time I want to make a change or pursue a new business opportunity. Right now, I can't even get a loan against the home without seeking their approval and getting them to sign all of the documents. It makes more sense to me at this point for us to sell. That way, everyone gets cash that they can use as a deposit on a new home or even to pay off debt.

One of my relatives has always wanted to invest in a food truck and this may be the perfect opportunity for him to do that. A friend told me that they were able to sell their house really quickly on NeedtoSellmyHouseFast.com. They didn't have any hassle and the entire process was simple. They were even able to take a short vacation with some of the money that they got. This is the best option for all of us and we will all receive our fair share of all the proceeds.