About a month ago my uncle retired and wanted to get rid of his real estate properties. He has no kids and his wife is ill so he decided to sell some of his properties and give the rest to me since I’m the closest to him. He told me I could do whatever I want with them and transferred them to my name.
I have no idea what to do with them. Right now, his CPA and property manager are still on the payroll are aware of what’s happening. The properties all together are worth 10-15 million according to the accountant. Last month they made a total of $60k in rent and after expenses it left $40k in profits. Mortgages are all paid.
My mom is telling me I should sell everything and live off the money in an index but my dad is telling me to quit my job and do this full time by leveraging for more property. Neither of them know anything about this. What is your advice and what do I do with the money coming in? Right now the accountant is putting it into my retirement and putting them rest into my bank account.
Submitted July 20, 2018 at 10:12AM by RobDobelina https://ift.tt/2uCBsTX
