Rentals: sell now or keep renting

[Jhansi B.]

Here is my situation. I am really tired of tenants that feel entitled and stories they tell when the check bounces. Property management is not something I can live wifh, I manage my own properties.

I feel like I am managing 15 households as they call or text for every little thing. 

I have couple of rentals one is vacant and other one will be vacant in a month. Thinking of selling both. If I do 1031 exchange where do I buy the replacement properties? I am not new to out of state investing. I have invested in properties that I have never seen. 

Bottom line I am really tired of managing rentals at the same time I don't think property management is the solution as that will be another headache as I have to manage them.

I would like to invest in land and I am scared to do that as I will be selling income producing properties to purchase speculation/no income.

Does it make sense to pay capital gains and on top of commissions etc.. is there any calculator on how much are the costs when we sell the property?

Thank you so much

[Andrew Postell]

@Jhansi B. it might just be me but if you hate managing your properties and hate property managers maybe you should try something else?  If you 1031 exchange your properties you're just going to be owning additional properties to manage.  If I were to guess, it sounds like you don't want to PAY a property management company.  So how much is having a stress free life worth?  You are correct, as a property manager you will field a ton of calls - and a lot about nothing.  What happens when you own 20 properties?  50? 100?  it's not like it gets easier from here.  If you want to continue on this path then I would suggest to find a good assistant at least.  Or just sell your properties and try something entirely different.  There's no shame if it's not for you.  Teaching isn't for everyone.  Truck driving isn't for everyone.  Maybe this is one of those things that you conquered and now it's time to do something else.  You're not into real estate to be miserable.  It's not worth it.  Think about it some and see what would make you happy.  And then do that.