Hi Jeremy! My mom owns a 4 unit property California that generates 8k a month in rental income. She says bought the building as a gift for me, but the property is under her name. What’s the best course of action to maximize my income? Do we sell the building and dump all the money into a brokerage account right now OR do we keep the property and invest the rental income instead?
Here are some numbers to the best of my knowledge. The building was purchased around $250,000 around 20 years ago and is now worth about 2 million. It’s completely paid off I know there are tricky moving parts like being heavily taxed on “gifts”?
Also, I don’t see myself living in that building or NorCal. I know this is a great problem to have.
Any guidance would be greatly appreciated!