A House Fell in Your Lap? Make It a Real Asset in 6 Simple Steps
This 6-step guide shows how one converts an inherited home from a money-sucking to a money-making venture.
It’s yours, like it or not. “You’re it!” as kids commonly say. In the late 90s, when my grandfather put down the down payment on my Honda Civic, he reminded me it’s your baby now in terms of future payments. Chances are, the new baby you inherited will need some serious TLC.
If you are like me, emotionally tied to an inherited property, then selling it was out of the question. In my case, my grandparents raised me in said home.
So what do you do?
1. List the monthly expenses
Rich Dad Poor Dad author Robert Kiyosaki reminds homeowners that a house isn’t an asset. It’s a liability.
“An asset is anything that puts money in your pocket, and a liability is anything that takes money out of your pocket.”—Robert Kiyosaki.
Using his logic, list recurring monthly expenses such as the mortgage, utilities, insurance, property taxes, etc. I remember having a house note, an electric bill, an insurance bill and a water bill from the city. Fortunately, the mortgage payment rolled in the property taxes. You may have to deal with the property taxes separately if they’re not.
2. Take stock of those expenses
Work with a probate attorney to settle legal estate matters first. Let them advise you. However, bring current past-due bills once the dust settles. Be patient. Fixing them may take many months or more.
“It usually takes several months to wrap up someone’s affairs after they die. If you don’t want the home to fall into foreclosure while the estate is being settled, it’s important to keep making mortgage payments.”—Forbes staff
https://www.forbes.com/advisor/mortgages/what-happens-to-your-mortgage-debt-when-you-die/
In my case, the mortgage was two months behind. The bank worked with me. Also, the electric and water bills were slightly delinquent as well. The electric company and the city assisted me also to their credit. And a new insurance policy was needed when the previous policy lapsed.
3. List the repairs needed
Even if your dearly departed kept the home in good condition, some needed repairs exist. In my case, some simple issues grew large due to my mom's illness. A leak in the kitchen became a hole in the ceiling and a shorted-out light fixture. I needed the roof patched, the beam holding the drywall replaced, new sheetrock installed, and a new ceiling fan hung.
Some repairs come out of the blue. In 2019, states like Wisconsin experienced the polar vortex. The pipes in the house burst, causing much damage. My point is anything can happen.
4. Find trustworthy contractors to fix those repairs
Due to the great resignation, this task list may be the toughest to handle. Getting in touch with a great contractor was always a Herculean task. In my case, I let my fingers do the walking and found my roof patch guy in the yellow pages. Yes, the yellow pages still exist.
I also used Angie’s List to track down other construction pros. A tip from my cousin, a flooring guy, is to find great construction guys at your local home improvement center, like Menards or Home Depot. These stores vet the contractors they recommend.
https://realestate.usnews.com/real-estate/articles/tips-for-finding-a-reliable-home-contractor/
5. Find the money to pay for tasks #2–4
It’s not lost on me that keeping the house is an expensive proposition. Don’t take this lightly. It took a lot of soul-searching to take this on. But there’s light on the other side.
Long before I signed up with a property management company, I made substantial investments in the house with task #2 alone. Before my mom died, I drained an old 401K to help her make the mortgage payments.
6. Rent the house out
You searched your soul. You’re committed to seeing this journey through. Find a property manager to manage your baby. In my case, this step was necessary since I live more than 1,100 miles away from the property.
It’s time to turn your “Money Pit” (remember that 1986 movie with Tom Hanks and Shelley Long) into a profit center. You know monthly expenses and maintenance costs. When negotiating the rental charges with your property manager, keep that sum in mind. Your baby is now an asset if the rent collected exceeds those total expenses with something left to put in your pocket!
https://www.hgtv.com/lifestyle/real-estate/how-to-find-the-right-property-manager/
About the Creator
Anthony Dale
Anthony is an airline industry veteran and a freelance writer. Anthony holds a bachelor’s degree in Economics from UW-Madison. When he’s not creating content, he’s doing Tae-Bo, watching old movies or trying out new cooking recipes.
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