RPP - rich people problems...

[Pat Goodyear]

I tell this to my kids all the time...these are rich people problems. The issue: when you reach a point of growth and yet can't offload any tasks without detriment.

The backstory - I am a 55yo single mom to 5 kids age 6-13. Have a fulltime career as an Nurse Practitioner, a part-time career as an Army reservist. And I own and self manage 20 properties - 20 doors, 3 "camps and my own residence. I have been doing real estate since 1996. I hire out limited tasks to a few handymen who I know to be reliable. I have "tried" branch out with negative experiences - roofs that leak, outrageous estimates (15,000 for a porch on a 50K house), etc. I am in NYS - which has become HORRIBLY landlord negative since 2019. Evictions are unheard of, most use cash for keys. Of course we are still stuck in COVID. That said - all my tenants are paying. 

I work 40 hours a week at my W2; then most days off I am doing property work - cleaning the empties, painting for turnover, mowing lawns, etc. Truly, jobs that a laborer could do. The issue is finding good help and laborers. It seems the few i had are now collection major unemployment so don't want to work. 

So, when you reach that point where you have good income, don't see more growth - yet moving to a management company or increased cap ex ...how do you manage this? My rents are all reasonable. NYS legally bars rent increase >5% a year. I hear mostly manager horror stories, and after spending 30 years building this don't want to see it destroyed by a bad move.

Some thoughts i have tossed around - retiring from the military. i love serving but it is a commitment. It pays well and I get retirement.

Going part-time at my W2 - problem is I work 4 days a week now (10 hour days). Part-time is 2 days a week and i would lose so much benefit time and money (like $75,000/year) It would also effect my retirement

Try to find laborers. Kind of at a loss for this. Most of what i have paid is $13-15/hour. Maybe facebook post? seems craiglist is mostly scammers. 

Or sell and 1031 into a passive real estate opportunity. Any suggestions? 

Thank you for reading.

[John Underwood]

Rich people are not painting or mowing grass at their rental properties.