More evidence how crazy things have gotten and why there's a huge correction about to unfold. I just think that there will be no one buying at the other end of this. Who wants to catch a falling knife?. I'd still like to know what percentage these folks make up of post covid investors:

" I bought two houses in Texas. one about 2.5 years ago, and the second one about a year ago. For the past year or so, I’ve been losing around $1,700/month combined on these properties.

....My “strategy” (if you can even call it that) has mostly been betting on future appreciation. I figured with all the growth in Texas, it would eventually pay off.

I initially tried Airbnb, but the hassle was unbearable too much management, too many headaches. So I switched to long-term tenants, thinking it would be more stable, but it still feels like a weight on my chest. I dread getting texts from tenants. Like, even a simple maintenance request just ruins my day. I know that might sound dramatic, but real estate just hasn’t been a good emotional fit for me.

......I don’t want to be responsible for $4,000 in mortgage payments if someone moves out unexpectedly. I’m realizing now that I probably didn’t take a very calculated risk with these properties. I wanted to build wealth, but I think I underestimated how much stress this would bring me.

So now I’m thinking… should I just sell both houses? Maybe take the hit, get whatever money I can, and treat this as a very expensive lesson in what not to do with real estate? Am I being delusional thinking these properties will appreciate enough to make this all worth it? "

I purchased a dozen homes from 1978 thru 1990, beside other things. From 2/1/2020 thru 3/1/2024 a landlord in Los Angeles could NOT evict someone for non-payment of rent. Then In January of this year thru July, again a a local landlord could not anyone effected by the fires.

So I lost over 1 million dollars due to non-payment of rent. Then the City Government decided to make landlords upgrade properties with no rent increase. Wanting me to spend millions without the proper income.

Here's yer sign !

Maybe you could write a book on what not to do.

Probably be a # 1 Seller.

You could title it -

Dumber in the Head than a Hog in the A$$.

There's nothing new under the sun. I remember when I was first starting in this business the PEI and Carlton Sheets infomercials created a wave of similar investors. It was a bloodbath for a few years, that was in the mid 1980's. It's happened a few times since and will continue to happen in the future.

The story is sad but people need to know what they need to know.

I have had surgery before, but I am not going to jump right in and try to do it myself.

There is a little sorrow for these people, but due diligence is a thing. People like in the first post are the reason that market crashes happen, in my opinion.

Robert/Canada, there are not enough Canadians living anywhere to have an effect on any state in the US. ALL of you would have to move here for it to matter. There's only 40 million of you in total!

I used to live in Florida, a snowbird state. I've also lived in Maine, a border state.

And I've never met a Canadian in person. Well, I take that back. I met a Canadian couple in Mexico a few years ago - but I've never met one in the US.

The trillions in guv'mnt over spending has to run it's course. I know a guy that got 600k in PP1 covid cash ... and DOESN'T HAVE TO PAY IT BACK. CRAZY!! He ran out and bought an 80k Audi.

projects.propublica.org/coronavirus/bailouts/

GKARL,

Is that post about you or did you copy/paste someone else's plight?

Me? I never count on appreciation because it's not here yet.

Every purchase must stand on it's own with positive cash flow after PITI and a Maint factor. PITIM?

In my town prices are still climbing. 20% up from 3 years ago.

BRAD

I once owned a couple of multi family properties that were about 30 minutes each way out of my normal zone of travel. I wasted an hour just driving. In top of that it was/is a mediocre area so had more calls than average. I was like you and dreaded even getting a call.

The lower entry price didn’t compensate me enough for the time or effort. I learned my lesson. I would not buy out of my general area and now everything I own is in my normal travel zone. I addition as I have added a few properties I realize my personal preference is to pay a little extra for better locations and properties. The time savings are worth more than me than lower entry cost. It’s true the CAP is lower but my peace of mind levels the scale.

I once owned a couple of multi family properties that were about 30 minutes each way out of my normal zone of travel. I wasted an hour just driving. In top of that it was/is a mediocre area so had more calls than average. I was like you and dreaded even getting a call.

The lower entry price didn’t compensate me enough for the time or effort. I learned my lesson. I would not buy out of my general area and now everything I own is in my normal travel zone. I addition as I have added a few properties I realize my personal preference is to pay a little extra for better locations and properties. The time savings are worth more than me than lower entry cost. It’s true the CAP is lower but my peace of mind levels the scale.