Hello; I currently own two rental units. a duplex and a SFH. I just got notice that both renters in my duplex are vacating end of March. After a $500 plumber bill I no longer wish to continue stressing out about this business; at the beginning (10 years ago) it was fun and challenging, now, after seen how we are the ogres (landlords in general), the outrageous government response with the eviction moratorium during Covid, the raise in taxes and insurance, service people who charge you more than a brain surgeon, the fact that this country is becoming dangerously socialist and the tenant drama I finally decided It is time to look elsewhere for investments.
I just cannot find any information of what to do when I sell my properties. I do not need information about how to do it. I have already sold by owner and am well aware of 1031. I am seeking advice of what to do with the money from someone who exit the business and successfully got similar income and appreciation of capital. I understand it will be hard to match (if not impossible) the 10% yearly income and 5% appreciation of properties (those are my numbers). I really am just seeking a peaceful life without screwing up what took me 10 years to build.
All my properties are paid off, I did try to go the rout of hiring a property manager (two actually) and it was sooo bad. One of them hired a landscape guy, well, the landscape guy never came so I was paying $140 per month for nothing for about 7 months.
The other property manager didn't tell the tenants they were responsible to replace the ac filter, that bill was $1000 to replace the AC fan motor.
I am really afraid of blowing off the money. I want to preserve it the best I can and I am sure there are people that exit perhaps 5 to 10 years ago and did better with a truly passive investment than with rentals.
After turning 40 (I am 43 now) I keep wondering this.... What happens if at the end of the day I actually did have more than enough to be happy and all the stress (of the rentals) was not necessary.... Lets say I die with $200,000 in the bank and right before I die I remember the time I had to go to court to evict one of my tenants..... that would be so sad... I really want to just relax and have a happy life and hope for the best. I am tired of preparing for the worst... preparing for the worst is killing me slowly and I might not ever make it to experience the best. So, I guess I will hope social security pays something in 20 years and the stock market is still there when I grow old.
BTW, I am an experienced investor, I know I can dump everything in the stock market but I am hesitant to do that. I have 50% 50% stock market/real estate allocations right now. I have thought about Fundrise (medium success when I invested there), Crowdstreet (I have not invested there but might consider), farmtoghether (20k invested there already) and groundfloor (bad experience so not looking to invest there).
Any advice will be appreciated.
There is no greater wealth than peace of mind - Buddha -
