Selling Hi-Rise Condo / Poor Returns

Will most likely 1031 to defer taxes into a multi-family in the market where I have good property management. Having good property management makes owning real estate passive (or much closer to it) vs. bad property management which makes going back to corporate work appealing.
I agree with you about good property management. We eventually found a very good property manager when we were renting out our Townhouse in the Islands before our move. She got us a lot more money and did all the book w*rk. She had strict rules for choosing tenants. DW and I joked that she probably wouldn't have rented to us! She was very picky.
 
As a landlord, I am increasingly noticing that it's basically "w*rk".
Having a property manager just means higher expenses, and still the property manager needs to be "watched" as they will sometimes cheat you or neglect the place or risk the place (with bad tenants) as it's not their property.

I suggest OP sell, pay the taxes and invest in S&P and SCHD and relax more.
 
Don't think there's really a question about what you should do. Make $1,800/year in rent if everything goes perfect while dealing with a renter and a HOA/Condo association while hoping real estate doesn't have another major correction which it historically always does.

Or

Buy something along the lines of a 20 year JPM A rated bond paying 4.839% and make almost $25,000 a year while sitting on a beach.


Come on my friend. You already know the answer to this.
 
Agree : Punt the Ball!
If you can 1031 into a big enough multifamily that property management makes financial sense then I would consider it. But $500K of equity isn't much in that arena unless you are buying some C class property. Otherwise there are other options like private real estate multifamily funds ,which I like since I get some geographic diversification. Most will pay preferred returns of between 6 and 8%. Hands off income. I did the landlord thing and I did the syndicator thing with an apartment complex. No More. REIT's and private funds are so much better - my blood pressure is normal now...lol.
 
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