A bit of background about myself, my family, and how I got into this situation: 62 years ago, in 1955, my grandparents purchased several plots of land in the then undeveloped Los Angeles outskirt of Malibu for a combined total of 50k. At the time, my grandpa was an engineer working for the US army and my grandma a history school teacher. The houses they built were modest, and I grew up in one of them: a 2 bedroom 2 bathroom house close to the ocean. However, the land they were built on appreciated to a degree no one, even my grandparents, could have expected. In the 90s when I was born, my grandparents gave two of their four houses in Malibu to my father, who was living in a small apartment downtown unfit to raise a family in. One was for us to live in, the other was to rent out as a secondary source of income to provide for our family. Fast forward to the present. I am now 21 years old and attending university in Scotland. My father was diagnosed unexpectedly with terminal brain cancer when I was 18. I flew home every other week to help my mom take care of him and my 13 year old brother. He passed away in February of 2015. As I head into my fourth year of university, I have been informed that my father left me the second rental home, which has recently been appraised for 10m dollars, a number that, quite frankly, shocked me. I have been studying history, with the goal of eventually going to law school and practicing law in the next 5-years or so. I guess my main question is... what do I do? I don't want to hold on to something in LA when I have no idea where my life will take me. The problem is I have no experience in investment, money management, or anything of the sort. Should I sell it and reinvest elsewhere? Should I hire a management company to take care of the property? The house is (only) bringing in $8,000 a month as it is in need of repairs and some modernization, but I have no idea where to start with all of that stuff. My first thought was to sell the house for 10m and reinvest it somewhere else once I've settled down. Is this a bad idea? Should I hold on to the property and hope it appreciates even more? Thanks for any advice you can give!
Submitted July 22, 2017 at 07:54PM by ethicaldongsquad http://ift.tt/2tAgNRP
