We are proud to announce our NEW community destination. Engage with resident experts and fellow entrepreneurs, and learn everything you need to start your business. Check out the new home of StartupNation Community at startupnation.mn.co
Need help. Took a wrong turn, and I'm in deep!
After 25 years as a computer tech, I had had it with constant threats of layoffs and endless laundry lists of experience demands by employers. But mostly, the fact that could never find stable work. As my 50s approached I wanted to do something- anything- that had more stability. To be self employed, before it was all over That is the American dream, right?
Well here's what I ended up doing. I cashed in my life's savings, my 401K, my IRA.... all of which wasn't enough to retire on anyway. And I bought a couple run down properties.
I then spent about 3 years renovating them. I did all the work and labor myself. First a triplex which was completely run down, and then a duplex. I then rented these out for rental income. My idea was..... this was stable income I couldn't be fired from, and even though the rent coming in from the 5 apartments was still a lot less than what I used to make computer contracting, I could do other work on the side right.
And because of my age, I thought I would also have more time as I felt like my time was running out. Do you know what I mean?
I couldn't have been more wrong!!
Ever since I rented out these apartments, it has been a constant struggle. Drama with tenants and 24/7 management- which really limits you as they can complain about things at all hours- but also the coming and going, the vacancies.... which I never anticipated.
Literally every month or so, one of the apartments ends up vacant, somebody bolts. And I spend about a month renovating, cleaning up after them, and untold hours interviewing and background checking- sometimes till 9:30 at night, in mad rushes to get these apartments refilled while they are losing money. Meanwhile with that and maintenance/upkeep labor on the properties I have had no time whatsoever to pursue anything further. In fact I have way less time than ever, and I'm poorer than ever!
So all my money is tied up in these rental buildings, I'm barely getting by (running out of money usually by the 15th of each month, and scraping), paying huge tax bills, and endless labor. No time to do anything else. And as far as the public is concerned, now I'm a hated "landlord" to boot.
I'd like to get out of this, sell these but without income what can I do? What alternatives are there? I've been out so long I can't get jobs in my field anymore, and even when I did there was no security. I could sell the properties but without income the pile of money would dwindle and run out fast, and I'd be left old and with nothing :/
And I'm too old to go work at McDonalds! Nor could I afford to keep my house on minimum wage (I still have a mortgage).