Hi There
Brand new to all of this.
My brother and I will be inheriting a condo in Massachusetts and interested in getting thoughts on whether to keep it and rent it out or sell it and use the proceeds as seed money for potentially better cashflow investments.
I'll be splitting everything with my brother (cashflow from rental or proceeds from sale).
The condo would sell for approx $575k. There is no mortgage. It was purchased in 2015 for approx $440k so it has appreciated a fair bit.
Rents on comparable units are $2500.
Condo fee is $800/month (ouch!)
Tax is approx $5500/year.
It does not need any major upgrades at this time. Whether we keep or sell we will replace carpets in two rooms. That's about all it needs.
So the cashflow if rented would be approx $15k/year. Remember that would be split between me and my brother.
My question is would I/we be better off selling the condo and reinvesting that money in other properties that could generate better cash flow?
I'm more interested in cash flow than equity at this time.
Thanks in advance for your input.
Edward
