I have also found it very hard to find either a good property manager or good tenants. 3 evictions (including one for 4 plex I owned briefly) and the condo was on the second eviction for the same tenant before he dropped of the keys and said I'm out of here.
Clif, why don't you talk to me about those things? I have solutions, I know good property managers, I know where to find good tenants. I have more units than you, and have owned them for longer, and never had to do an eviction on a tenant (one time a squatter in a flip I did, but that's a crazy story for another time). :)
However, none of the properties are in the 1% range anymore and I'm wondering do I sell them.
If you do decide to sell, let me know, you can owner finance and I can provide the same steady cash flow you're looking for, without the hassle of tenants, management, etc. ;)
Hell, sell me a half interest and you can share in the cash flow and appreciation and cash out some of the equity. :D
That is only a 7.7% return.
Not counting appreciation. Have clif tell you his IRR for the last 3 years. ;)
(Now no, you can't count on that going forward, or at any time, but it does happen at times.) I'd have fully expected Vegas real estate purchased 2009-2012 to beat the stock market going forward over the next few years - and it's not just hindsight, I bet a lot of money on it.
That being said, yes, going forward one should assess where they're at and what the best move today is. I looked at selling my Vegas properties, but the cash flow is so good and there's just no better alternative places for my funds. I like the diversification of holding them as well. YMMV.