grandfather passed away, left me some real estate in will(need advice)

[Mark]

so my grandfather passed away a few days ago and left me three 28 unit apartment complexs. 2 in beverly hills and one in century city. he owned seven all together and somehow managed all of them by himself. all of them were paid for in full just recently. i have to meet with his lawyer on thursday to discuss it. what the hell should i do here? i know nothing about running apartments. im just 25 and work a 9-5 job like most people. any landlords here with some advice?


thanks

 

[ChaoZ]

Umm...I would just sell them.

 

[Hacp]

1) Evict Tennants
2) Sell to big development company
3) Retire for life?

 

[sygyzy]

I would seriously think about running them or hiring property managers to run them. Think about this, you can learn about business, people skills, plus have serious cash flow for the rest of your life. Alternatively, you can sell them all, pocket millions, and then very likely blow it on stupid things. Do you think you have the self-discipline to get all that kind of money at once? You should be very thankful, your grandpa just basically secured you for life.

 

[Legendary]

Sell them. It'll probably set you up for a long time, if not life.
Sorry to hear about your Grandpa, but he was clearly successful.

 

[Argo]

Did you consider hiring somebody with experience to run the complexes for you?

Either way, if you don't feel comfortable running them - I'd just sell the properties.

 

[Ronstang]

Originally posted by: ChaoZ
Umm...I would just sell them.

Heck no...sounds like some established cash cows to me. You need to look at the books and the amount of income they have been generating before you decide to do anything. You can learn to manage apartments....look at some of the idiots that do it.

 

[tasmanian]

Dont sell them. Hire people to run everything for you and you will still make more then enough money on the top to live off.

 

[PeeluckyDuckee]

Hire property managers to run the show and continue to rake in the profits.

 

[AgaBoogaBoo]

Fully paid off and have just under 90 apartments with tenants? You realize how much $$$$$$$ this is worth, right? I'd honestly start managing this - see what improvements need to be made, if any, etc. and get on those. Make it require as little effort as possible (sprinkler system vs manual watering, assuming it doesn't have one, etc.) and you can have a solid financial footing for the rest of your life.

 

[The Stigenator]

damn that si a cash cow... do not sell.. keep it.. find a way to manage it.. find a property management company to do your dirty work..

w00t!

 

[Alone]

Your life just got a hell of a lot better and a hell of a lot worse at the same time.

 

[Mark]

Yeah its alot, rent in these areas is pricy. I know most of his units ranged from $2500-4500 a month. Im not going to sell them, my grandmother before she passed away said they should stay in the family. im just worried though because its alot of responsibility. I supposed ill get more direction from his lawyer on Thursday.

 

[novasatori]

1. do not ask anyone here for help
2. visit with the lawyer and ask him for guidance
3. ??
4. $ profit $

 

[Alone]

$2500-4500/m? Oh dear lord.

 

[Phokus]

1. Sell them

2. Hookers and cocaine for life!

 

[Sphexi]

Find a local property management company to deal with it for you. They'll deal with getting tenants, taking in rent, things like that, you'll just be in charge of paying for repairs when they're needed.

 

[Yossarian]

sorry about your loss. you could have a property management company run two of them and try the other yourself as a learning experience. good luck, don't blow it.

 

[Quasmo]

Originally posted by: Mark
so my grandfather passed away a few days ago and left me three 28 unit apartment complexs. 2 in beverly hills and one in century city. he owned seven all together and somehow managed all of them by himself. all of them were paid for in full just recently. i have to meet with his lawyer on thursday to discuss it. what the hell should i do here? i know nothing about running apartments. im just 25 and work a 9-5 job like most people. any landlords here with some advice?


thanks

Can I have a place to stay?

 

[thomsbrain]

time to quit your 9-5 and take up golf and occasional plumbing repair for your tenants.

but seriously, a property management company would take care of most of it and you'd still rake in tons of money, plus the real estate itself is a good investment and will continue to increase in value as long as you keep it up. you can still work and advance your career, and maybe drive a car that's nicer than your boss' boss.

 

[xSkyDrAx]

quit your 9-5 and start managing those apartments stat!

 

[pray4mojo]

Paid off and $2500-$4500 a unit?

3x28x2500(at the very least)x12 = $2,520,000 a year.

/knows nothing about property
//does not know the costs
///can i be your friend?

 

[caivoma]

Originally posted by: Mark
so my grandfather passed away a few days ago and left me three 28 unit apartment complexs. 2 in beverly hills and one in century city. he owned seven all together and somehow managed all of them by himself. all of them were paid for in full just recently. i have to meet with his lawyer on thursday to discuss it. what the hell should i do here? i know nothing about running apartments. im just 25 and work a 9-5 job like most people. any landlords here with some advice?


thanks

Sorry to hear your grandfather die..
and i think it would be a good thing to hire someone to manage it for you and if you have enough income, you can quit your day job. ;p

 

[TruePaige]

You could give some ATOT'ers jobssss...=)

Sorry about your loss though. =(

 

[chuckywang]

Geezus, you just got set up for life. Lucky bastard.