Thanks in advance for any input.
My parents purchased a brownstone about a year ago. It has about 12 rooms, 4 stories (including the attic, but not the basement) and 2 bathrooms, new wiring, paint, rugs etc. Originally the plan was to rent the rooms out, but after budgeting things, we realized that wasn't going to be a good option. In order to make money, the rooms would have to be rented for about $200+ per week. The price turned people off, that would be 800 a month. We looked into a few different government programs, but no luck. My pops finally settled on a foster care plan, but I doubt that will work.
I would like a few ideas on how to make money with this building. If it was up to me, I would sell. Too much time and effort, not enough profit. Renting as an apartment is problematic because 1) it's a brownstone. Some work would have to be done to seal off the floors. 2) it's 2 bathrooms for three floors (not counting the attic). One floor could be rented, but it would be hard to find someone willing to rent two floors.
Again, any ideas would be appreciated.
My parents purchased a brownstone about a year ago. It has about 12 rooms, 4 stories (including the attic, but not the basement) and 2 bathrooms, new wiring, paint, rugs etc. Originally the plan was to rent the rooms out, but after budgeting things, we realized that wasn't going to be a good option. In order to make money, the rooms would have to be rented for about $200+ per week. The price turned people off, that would be 800 a month. We looked into a few different government programs, but no luck. My pops finally settled on a foster care plan, but I doubt that will work.
I would like a few ideas on how to make money with this building. If it was up to me, I would sell. Too much time and effort, not enough profit. Renting as an apartment is problematic because 1) it's a brownstone. Some work would have to be done to seal off the floors. 2) it's 2 bathrooms for three floors (not counting the attic). One floor could be rented, but it would be hard to find someone willing to rent two floors.
Again, any ideas would be appreciated.
