Step One, Recognizing the problem!
Here is the problem. I know absolutely nothing about real estate investing, managing rental properties, flipping, twitching, or any of those other fancy words that I see here on the forums. what is "ll" anyways? I'm fairly certain that twitching is just something I have made up to describe my ill ease.
With that said, I find myself the proud, yet unintentional owner of two rental properties.
The first one is a double wide trailer that costs me 1100 a month mortgage, while only bringing in 650 in rent. (loss of 450 a month)
The second is a townhouse that costs me 475 a month in mortgage, while bringing in 550 a month in rent. (wee, profit of 75 a month)
I dont especially want to keep either of the properties, and both of my current tenants have expressed interest in buying them, pending other things happening first (thats a different story).
In the meantime, I have to manage these things. It is scarey, exciting, addicting and down right frustrating all at the same time.
I wonder if I should even sell them and just ride out the storm until they are paid off?
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