Kind Distance Frustration

[Krissi Miramontes]

Newbie help needed!  
I purchased 2 SFH and one duplex in Toledo last year. Hired a one man's show property manager after 10 months. Now self managing but trying to find a PM.
1 is going fine, 1 is going but always needs work on something (no CF yet), and then there is the duplex. It has been an awful pain. Started replacing and getting rent ready. New HVAC stolen, electricity being stolen by neighbors. 
I thought I found a PM but I’m not sure now (It is a big company and not very flexible). 
at this point I’m wondering if I should sell at a loss or try and get it ready again with a new PM.

Duplex purchased for 45k, put in 10k. Now need to put another 10k, plus management fees. Will rent for $1200 total. Is it worth moving forward or just sell for 30k and get out?

The SFH next door I paid 50k, put in 10, and needs another 5. It is rented for 775.
im looking for the best thing to do at this point. 
I’ve started flipping in my market in CA and like it WAY better thank LD investing. 
should I keep pouring money into these tiny things for long term returns or cut my losses?

[Jackelyn Lee]

Toledo can be a tough market, especially when you’re managing from a distance or dealing with unreliable PMs. 

First, let’s talk about the duplex. With the numbers you’re sharing, it sounds like you’re about to hit a break-even point (or close) once it’s rented. If it’s bringing in $1,200/month with a solid PM, the cash flow could be worth the headache you’ve already gone through. BUT if you’re burned out or think it’ll continue to be a money pit, selling at a loss might be better for your peace of mind and so you can redirect your focus to flipping in your market, which you already love and have success with.

As for the SFH next door, $775 rent on $65k all-in isn't terrible if it's a solid property that won't need major work going forward. You could consider keeping it if you think the area has potential for appreciation or if you've already invested enough to make it stable.

I’d recommend finding a PM who understands working with out-of-state investors. One man show probably wont cut it. (Are they actually licensed with the state to be doing that?) Call around to multiple PMs until you find one you like.

IWeigh the stress vs. potential returns. If these properties are just draining your time and energy, it’s okay to cut losses and reinvest in what’s working for you in CA. But if you can stabilize these with a good PM, it could be worth holding for cash flow in the long run.

Time and stress is money. Don't sacrifice your peace. Good luck!