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About to inherit real estate in the form of an apartment building and need advice
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My grandfather owns a massive apartment building in New York City. He’s likely going to die in the next coming days as he’s very sick. The building is in my name once he dies. There are tons of people who live in the building who pay a large rent every month. Usually, people would be excited about having a constant stable large monthly income. I’m a college student (so I’m obviously very young). I’m not at the point in my life where I can be worrying about being a landlord. I want to follow my passions and finish my education. My father suggested that I use the monthly income to eventually buy more buildings in NYC and increase my ownership. But to be honest, I know absolutely nothing about this kind of stuff. Another sub suggested I hire a financial advisor to help with finding people to run the building and what to do with the money. A part of me just wants to sell the building entirely so I don’t have to deal with it. I know that’s stupid, but I don’t want anything that reminds me of my grandfather. Anyone have any suggestions?

EDIT: Thank you all for the advice. I have decided not to sell. I will be researching and calling agencies to run the building. I appreciate all the advice that has been given to me! I know I’m really young, so I’m going to put some of the money away into savings for when I retire so I can live comfortably. I also plan on reinvesting over time in more real estate.

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3 years ago