Know When to Fold Them - Episode 577
Investing in Real Estate with Clayton Morris | Investing for Beginners
Clayton Morris
4.1 • 1.1K Ratings
🗓️ 22 January 2020
⏱️ 16 minutes
🧾️ Download transcript
Summary
As buy and hold investors, it is typically our goal to keep all of our rental properties long-term. But occasionally, there are situations in which it makes sense to sell an underperforming or particularly exhausting asset. On today's show, we're letting you in on a conversation about a portion of our portfolio.
You're going to hear how an experimental package of rental properties has gone sour. We'll talk about some of the headaches we've experienced the past few years, and why we're considering selling these properties. Our intent is that this conversation will allow you to learn from our mistakes. Please join us for this episode of Investing in Real Estate!
Book a call with our team: https://go.oncehub.com/morrisinvest
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Transcript
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| 0:18.4 | You got to know when to know when to fold them. We're going to be talking about whether or not you should sell off some of your rental portfolio today and we're going to see should be should be not I don't know that's today's episode let's dive into it |
| 0:33.0 | Hey everyone I'm Natalie Morris and I'm Clayton Morris and this is the show where we talk about your real estate portfolio and we share with you what we're going through and that's exactly what we're going to do today because we have a portion of our portfolio that I'm gonna say we are fatigued about. |
| 0:36.3 | I feel fatigue, owner fatigue. |
| 0:38.7 | Well, go ahead. |
| 0:40.0 | I don't know. |
| 0:40.4 | You wanna let me talk it all? |
| 0:42.4 | This is what it's like usually when you do the intro, |
| 0:44.8 | where I sit there like this. |
| 0:46.2 | Because I want to get right to the point on this. |
| 0:47.7 | So the point is that we had a package of 10 properties |
| 0:51.3 | that we bought a number of years ago. |
| 0:53.4 | And if you are been a long time follower of our podcast and watched any of our videos, |
| 0:58.4 | you know that this package we bought was an experimental package. |
| 1:01.9 | We decided to do it in New Jersey, which perhaps |
| 1:05.1 | against our better judgment because high taxes, it's not landlord-friendly, but the |
| 1:10.2 | numbers on these particular duplexes that we bought made sense. |
| 1:14.7 | It was near a military base and an expanding market, okay, it made sense. |
| 1:18.3 | But now after a number of tenant turnovers, a number of renovation projects that we've had to deal with |
| 1:24.0 | some switching of property management. |
| 1:27.0 | One of our main property management guys left that company, |
| 1:30.0 | and so the next point of contact, |
| 1:32.0 | there's been a whole lot of, I don't want to say drama but |
... |
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