Updated about 5 years ago on . Most recent reply
Where to roll proceeds from the sake of my BLDG?
After 9 years in investing in a 4 unit in DC with section 8 tenants, intense city govt regulations, multiple fines and tons of (painful) lessons learned, I am done. The tipping point is the recent DC Government legislation mandating that all property owners clean their common areas (door knobs, Mail boxes, etc, daily, using an approved EPA cleaning kit with no regard to how unreasonable that is for small landlords). The bright spot in my situation is the area has appreciated significantly over the past 9 years and I stand a good shot at nearly doubling my initial investment. I like the idea of rolling the proceeds into a lower maintenance, higher quality property in a landlordfriendly state. Admittedly, I am burned out and a little turned off due to my experiences ( although I recognize my experiences are not the norm). Any suggestions on where I could roll my money for an easier time, and higher quality property/tenants? I could potentially have $300k - $350k to toll over and thinking seriously about a condo due to ability to attract higher quality tenants with less maintenance or a 4-unit in a lower priced area such as Hagerstown, MD but I am weary of lower priced buildings after my experience. Welcome youR thoughts!
Lisa