When using text effects on a layer:
I'm using an animate in effect for a text layer, now I want to animate the text out. If I try to drag an animate out effect on to the layer it removes the animate in effect.
Is this correct?
if so how can I use both types of effects on the same layer?
And does this go for efx on images as well?
There are many ways to achieve this progression of text, this is just one.
Duplicate your text layer, delete the In effect and apply the Out effect.
Or you can split the layer.
Keep in mind that you're not applying text effects, you're merely applying animation presets to your text layers. It's just a combination of keyframes on various properties. Animation presets can include effects, but most of the text presets are just text animators. You can pull them apart, analyze them, and create your own. Read up on it in the help files. Lots of useful info there along with examples.
And you can animate them in and out without having to split layers, but if you don't want to create your own and you just want to use the presets, I'd suggest what you've already been told.