We have 4 townhouses east of 75 & Haskell (West of Ross), Built ~ 2007. Good condition, 100% occupied. Monthly rent in the ~$1.5/sqft range. I'm currently also the property manager. I'm a professional in another unrelated field and the time I spend to manage the rental properties are not worth my hourly. Also, our portfolio is very heavily concentrated in RE, diversification is seen as a positive at this point.

I'm exploring several long term strategies:

-Exit:

The townhouses share common walls in the middle. The legal description of the lot states these 4 townhouses are 1 legal property (they are NOT platted as 4 separated properties).

The realtor I use to appraise the property claim that I would maximize the sales price if I had the re-platted as 4 different legal properties. However, he offered no assistance on the re-platting process.

I spoke to my RE Lawyer, who claimed that re-platting would take much longer than just forming a condo association and selling each individual townhouse as a condo.

-Long term hold

My rolodex isn't that great for trades (Plumber, Electrician, Roofer, Landscape, or Property Manager). I may have 2 or 3 on that list (no property manager that I trust) of trades that I would trust and keep long term to work on my other properties. This results in me often driving to the property to assess the problem myself and paying a premium to get the work done right.

I could just get better at establishing relationships with the trades and hope that my cost to manage will go down in the future. Or I may get a trust worthy property manager, but that cost almost would lower the long term returns to below the S&P 500 indexes.

My questions to the hivemind:

- Have you ever had to re-plat 1 property with 1 legal description into 4 different properties? Any insight on this process or forming condo association would be helpful.
- What would you do if you were in my situation? I feel like this is a good time in the market cycle to exit and diversify? But I may not be as in tune with the market trends as the rest of the professionals.

Dallas, Texas

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