This was a post on www.biggerpockets.com that i wrote in response to someone who was struggling with managing two duplexes that they own:
investors correct me if i'm wrong here -
i would say first - do whatever you think is best for you. weigh the options and act - do not second guess what you decide to do.
again, i want to reiterate:
do not second guess what you decide to do.
if you decide to hold onto them - CORRECT THE PROBLEMS.
write them down and be proactive in CORRECTING THE PROBLEMS.
if the problem is YOU, meaning your lack of effort in managing the properties, then CORRECT IT - possible sell, OR find the time and effort to manage your business more effectively.
how so?
visit the properties more.
collect the rents in person.
but before that - increase your reference checks, maybe lower the rents in order to attract a young couple or single person with a decent job who needs a place to stay. talk to you SPHERE OF INFLUENCE.
let everyone you know you have a place to rent. a friend of a friend maybe a better tenant than some schlub from the street.
you have to be able to think through your business challenges and CORRECT THE PROBLEMS.
there is so much information missing from this thread that i hope you do not make a hasty decision.
you've found yourself in a somewhat of a dilemna in that you're middle-aged and find yourself with very little nest egg. you made a good choice in choosing real estate investing as a way to increase your passive income. the unfortunate piece of this, it seems, is that you have not taken it TO THE NEXT LEVEL.
train your mind to FIGURE IT OUT. any business owner (of any business, not just real estate/landlording) will tell you that you MUST be able to expand your mind, look at things with your eyes WIDE OPEN. figure out the problems and CORRECT THEM.
you can definitely do this. you're a therapist. think of:
1. the problem
2. your resources
3. how to access your resources
4. identify INTERNAL RESOURCES
5. using them, build on them
6. focusing on your strengths, build them up.
THEN ACT!
"You are creative. You can solve any problem."
