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      01-24-2022, 10:19 AM   #17
dreamingat30fps
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Drives: Miata, Cayenne, Model 3, F350
Join Date: Jan 2010
Location: South Florida & NC

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Quote:
Originally Posted by Maynard View Post
You all need to step up to the reality that this is a huge job, perhaps more than is reasonable for any (all) of you. It is easy to look over into an area you know little about and think 'that looks so simple, their fees are a rip-off'. Even if everybody is doing stellar work, just coordinating it all is a full time job. But it doesn't sound like you want to become a GC for a living, or you'd already know all about this stuff. It might be time to get real with Mom - if that is a rental property, do the math and perhaps it is wiser to cut your losses and sell it (during the biggest housing boom in the past 50 yrs). But if you are going to do a total rehab, find a pro you can trust and let them do what they have a ton of experience doing.
Oh trust me, I’ve told her she is better off selling it. I did the math based on what similar houses are selling for (almost none of the houses have interior pics so I’m guessing they are in bad shape also) and I calculated if she just made 4% on the money she gets from the sale it would be only about $500 short of what she could rent it out for just from the 4%. If she pulled some of the principle to match the rental income she could still go 20+ years. However she seems to be stuck on wanting to keep the property.
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