Rental or Sell my property Help?

I have a Condo the I renting out to my older brother, at a low cost. I rented it to him because he has no place to go that he can afford, plus he is in major debt. I would like to sell my property and use the funds to become debt free and start a business. I am in my Twenties and my brother is in his Forties. What should I do? Also, my brother cannot afford to buy my property.

Even though you should be able to do what you want to do, it is your responsibility to help your brother in every way you can. You can sell your place and pursue your business goals. At the same time, always keep in mind that you have a brother. That would actually help you to create a job for your own brother. You seem to be a nice person and I admire what you are doing for your brother. Good luck.

you are the one that knows your brother and if he realy needs the help or if he is taking advantage of you.

i'd talk with him about it and see what he says... he might be ready for a change and willing to move out.

communication will clear a lot of the unknown

It depends. How much longer do you want to keep giving your brother money? If you are happy to keep giving him money, then do so. If you are ready to sell, sell. You are giving him the money you are missing by having him there.

It's a fine line between helping your brother and hurting yourself.

But aside from the emotional issues, look at financial issues. Is it the right time to sell? Have you made a nice profit? Can you achieve positive cash flow currently if you rent it to a non-family member?

You should do your best to help your brother regardless. But figure out a way to maximize your profits while helping your brother. Maybe let him stay at your primary residence until he gets back on his feet. And you can still hold on a possible investment and earn monthly income.

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http://www.thetruthaboutmortgage.com

discuss it with him
Explain that you want to sell it and why. If he cannot afford it that is his problem...sadly.
If he is a good guy he should understand. You are young and need to think of your future. Maybe he can help you in your business.
Open your mouth and tell him.

Are you covering your mortgage, property taxes, and insurance costs with the rent that you are charging your brother? If so, then it might be worthwhile to keep the condo and take out a business loan.

Is the rent you are charging your brother near market value? For a good, reliable tenant it is worth taking a lesser amount in rent for the security of knowing your property will not be damaged. You can always increase the rent to closer to market value if it is substantially lower and he can afford it.

Do you feel as if your brother is taking advantage of you? Your primary concern should be yourself, but consideration to a family member who is not taking advantage of you is not unreasonable so long as you can find an alternative funding source for your business.