I myself own multiple properties in NC and to help you out if you want to “dump” the properties depending on where they are I may also want to take a look at them and make you a offer.
All of my properties are out of state. I am in PA and have them as far away as Hawaii. I will be first to say it is not for everyone and has its challenge, but I feel you have to go where the deals are.
Above all us hang in there, as it is always darkest before the dawn.
I heard some really excellent advice, and my memory says it was Suzi Ormond.
If you sold your investments today, would you be happy to take that money and buy that same investment again?
If not, it is time to dump.
My market is unsettled, but not (yet) going down. If it goes down, I will just ride it. I am happy with my properties, and no matter what the market is, I would be hard pressed to find proprties I like better for whatever price I could sell mine for. So my answer to the above question is a firm yes. I would re-buy the properties that I own now.
I would not buy out of state properties ever again, it will never happen.
I manage my own properties here locally.
I have never found a property manager either locally or out of state that I consider worthy of their pay.
I have spent more time managing the property managers than managing the properties themselves.
So I probably should get rid of everything out of state.
sirbeigealot,
I agree with not buying out of state which I find difficult to comprehend in itself…But there are some very decent property managers and I was one of the doubters before I started in the rental business…If you have the time to manage then that’s great but I would lose money if I managed on my own or I would have to buy like 30 more properties (exaggeration) if I quit my career to be a fulltime landlord…Right now you are feeling stressed and forming opinions based on your situation…Which is very understandable…I’ve been there…You will recover and prosper from this learning curve…