When to Fold
I don't know if we have what it takes to manage the stress when the bills mount. It feels like we're too much in debt but maybe we're not used to what to expect and are over reacting. We're in our fifties with no retirement, a lot of credit card debt, and just a little in 401K and IRA. So real estate was going to be our ticket. We have two duplexes and land-which costs $1200 a month, and our house. We hope to build on the land one day. It's prime. Our duplexes are not in great areas so we've always had tenant headaches. We had both units, go empty two and half months ago. We turned it over to a management company. Finally got one rented, but the rehab costs were a lot. Now I've had a third tenant not pay for last month and this month. I didn't want to have to rehab that property too so I've been working with them. All thes bills are coming out of home equity loans which are pretty high interest. Is this typical, what you have to expect but in the long run it's worth it? Should it take a management company two months to get tenants? They ask for rent and deposit is price of rent and a half. I've been really stressed out. Help!
Thanks in advance. I do feel like I have a community out there. That's a comfort.
Dianna