Advice On My Unique Investing Situation After Mom, Dad, & Nana Died In Last 1.5 Years

[jongib369]

So I'm considering buying my deceased grandmothers house from my Aunt. Right now the property is estimated to be worth between $350-$400k. I'm inheriting 1/3rd of the sale price as per my grandmothers will. It's a 2 unit multi family home in Chicago. The basement is essentially a skeleton ready to be converted into a 3rd unit. It has a finished bedroom, a bathroom, plumbing to add a kitchen, and a storage room that could potentially be converted into a second bedroom. I know contractors, and carpenters through friends and family so can get good deals making repairs etc.

So my question is after watching BPP talk about " 2023 Housing Market: It’ll Get Worse Before It Gets Better" in a recent video, and Graham Stephan saying "Don’t Buy A Home In 2023 (The Worst Drop On Record)" in a recent video should I try to pull the trigger before this supposed drop happens, or will the drop not be significant enough to severely lessen the amount of money I'm inheriting from buying house to use the money towards repairs/increasing equity?

To note I will be renting the house I already own with its mortgage paid off either entirely, or through house hacking while still living there. I also plan to rent my grandmothers house for at least a few years before performing a 1031 exchange with it

Any advice on this, or other advice you deem necessary would be appreciated.

[warriorfan]

buy her out and finish the basement into another unit yourself and rent it all out. it will pay for property taxes and the time and material it took you to finish it. while this happens housing costs will continue to rise and you can hold onto it as long as you can and if you need to cash out prematurely for some reason you can still sell it still for a profit

condolences to you and your family by the way, that’s a lot taken in a little time

[rawimpact]

My neighbor across me just sold their home for pretty much what I paid for mine a few years back... and his house is 1/3 of mine. This bubble is about to pop...

[ArbitraryWater]

Well, my deepest condolences, first of..

[AlternativeAcc.]

Bro talk to a financial advisor.

You have broke dudes like warriorfan who know nothing trying to give advice :oldlol:


This isn't a question for ISH.

[n00bie]

buy her out and finish the basement into another unit yourself and rent it all out. it will pay for property taxes and the time and material it took you to finish it. while this happens housing costs will continue to rise and you can hold onto it as long as you can and if you need to cash out prematurely for some reason you can still sell it still for a profit

condolences to you and your family by the way, that’s a lot taken in a little time

Wow. A post from warriorfan that I actually agree with. The world is ending.

[warriorfan]

Bro talk to a financial advisor.

You have broke dudes like warriorfan who know nothing trying to give advice :oldlol:


This isn't a question for ISH.

shut up midget