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Updated 7 months ago on . Most recent reply
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Thinking of Quiting
Hi everyone,
Looking for some advise.
I am thinking of selling my 2 rental properties and quit real estate investing (at least in current format). Due to stress of ownership.
I have 2 properties managed by a property manager. The PM is genuinely a good guy, responsive, good at resolving tenant issues. Provides good support, doesn't usually bother me unless it comes to expenses large expenses or rent adjustment.
The reason I am thinking of getting out of being a real estate investor is due to the stress and constant little expenses that are adding up. Recently there was a major plumbing problem at 1 of the single family homes and the tenants were not able to use the bathroom. Unfortunately the issue was so sever that it required for the tenants to move our for the repairs to be completed. I as the owner needed to approve for this to happen so the PM reached out to me for approval. I was genuinely stress out by this. Feeling bad for the renters who are unable to use the bathroom, fearing possible litigation (even if there is no reason to be sued, just an irrational fear)
The other issue is recurrent expenses although I have allocated 20% of rental income for both properties for repairs and maintenance. I have easily spent over that for both properties. Plumbers are crazy expensive, increasing city taxes, thinking if another issue is going to come up and I wont be getting the full rent to cover the mortgage. Using my personal finance to pay for repairs and numerous other small things that in isolation are not a big deal but they just keep adding up and create anxiety for me.
I am thinking being a real estate investor (for single family homes) is not right for me. I am debating if I should sell my 2 houses and just move the move into syndications or stock market. I am looking at my vanguard account and my portfolio is up 30% YTD with zero stress. RE for me is not my primary source of income I have regular job that pays well.
What are your guys thoughts. Is this something you have experienced as well, how did you deal with it? Does it get better or worse? How do you deal with the stress of ownership.
Most Popular Reply
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I had the same sentiments when I first started. It wasn't the real estate. It was me. I was buying th wrong deals, in the wrong markets, with no exit strategy. I mad so many mistakes, that I was about to quit. I then met my current partner, and we started investing together.
Honestly, having a partner has been a huge help for me. There are days when you do want to quit, or have a situation that you can't seem to resolve. Having someone that is in it with you helps!
Buying SFH to rent can be challenging. It sounds like your assets are older, and I was buying similar assets. Old roofs, old boilers, driveways, huge cap ex expenses that need to get taken care of.
Read the Psychology of Money by Morgan House. Great book that talks about investing in a different light, not giving you strategies but looking at it from the reader's relationship with money and how their psychology plays into their preferred methods of investing
Gino