Updated over 1 year ago on . Most recent reply
Issues with investment properties
Hello everyone, new to this group, but have been investing in real estate for about 5 years now. Rented my house we originally lived in 12 years ago because we couldn’t sell it when we moved and that’s how we got started. 5 years ago we made a plan and an effort to accumulate multi family properties and did that. We own 7 properties as of today. Let’s get to the issues.
Over the last 3 months we’ve spent $70k in rehab work.
1 property flooded, big storm across from the ocean we gutted it and it’s under construction 1 property had a lead incident, tenants ended up buying a house and we’re abating the unit.
My question is have other members dealt with these same type of issues? We have the reserves to cover, but I don’t like keeping over $100k in cash reserves. Do most people have hundreds of thousands of $$ just lying around waiting for these things to happen? My wife and I both work full time and as of last month I’m managing my own properties. Easy way out is to sell the investment properties, payoff our house and sit on a pile of cash. We did this all ourselves with our own funds for down payments.