Posted by Ronald * Starr(in No CA) on September 05, 2003 at 18:35:31:
Assume that there would be enough rent to pay all the bills when the second unit is rented out. Then the obvious answer is to get it rented out. SOmebody has to but in the time and effort to find, check out, and sign up a good renter who will pay every month.
If you or your nephew can or will not be able to do so, he needs to get somebody else to do so. That could be done by either paying a knowledgeable person to accomplish the task or by taking on a property management company to do it. If the latter were done, there would probably be other things that the property mangement company would do. Of course, one would have to pay them money.
If you want to learn about real estate investing, here an opportunity staring you in the face. Get a copy of Landlording by Leigh Robinson (pronounce “Lee”) and start reading. You might even be able to find a copy in the local public library.
Then get out and get the property ready for rent, rent it out and use the rent to pay the bills.
Another possibility, depending upon circumstance. Could the nephew move into the aunt’s old unit and stop paying rent where he is now? Would he have enough income to then pay for the bills?
Good Investing********Ron Starr*******************