I hope this makes sense – this isn’t my area of expertise at all and I know that I need to have a conversation with a pro at some point, but I’m trying to wrap my head around the situation right now.
It seems likely that I am going to inherit a rental property from an ailing family member. It is worth about $500k. After expenses, it clears just over $2k/month in rental income.
I don’t make a ton of money and have kids and this added income will be great for us. It will let me move to a stronger school district and put more away for savings.
I know there is inherit risk with the tenant leaving, damages, etc… and I’ve never been involved in this type of thing before. My investments now are all Vanguard ETF’s and funds, but I try to forget that I own them beyond checking in a re-balancing. I don’t touch that money.
Is there something that I can do with the $500k that could produce close to the $25-30k in annual income, because that changes my life, without much risk compared to the property, or should I be thinking I need to keep the rental property and the rental income?
I’m stuck trying to wrap my head around it.
rental property vs income investment? – RobinHood – Reddit Feed
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