My mother passed away recently. It looks like I'll be inheriting half of a property that is currently being rented out for 2600 a month and approximately 450,000 dollars from life insurance.
My brother and I are generally in agreement that should the money pan out (the house has not been assessed recently) I will take the house and he will take the lions share of the cash, this is because he already owns a house.
If I buy the other half of the house out for somewhere between 300 and 400 thousand this leaves me enough to renovate the basement which is not included in the rental agreement and currently being used for storage to live there rent free. I am strongly considering this course of action and if it leaves me with a modest sum I am thinking about quitting my job and going back to school at the local community college. After costs I expect that I will have an income of about 1500-2000 a month without rental costs.
I do not currently know the costs of utilities there, I know I will need money in hand should any costs of home-ownership arise. I do not know the cost of homeowners insurance or property taxes locally.
What problems with this have I overlooked?
Submitted August 21, 2018 at 12:24AM by flyingpigmonkey https://ift.tt/2Lebgoh
