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Joined: Sep 2007
Posts: 3,190
10 point
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10 point
Joined: Sep 2007
Posts: 3,190 |
Rentals are a great investment. But they take time out of your day. With a property manager they don't require too much effort. Yeah you lose a little profit, but if you're worried about taking time out of your day they're invaluable. How many do you have and who's your property manager?? Rentals became my full time job when I was 23, 13yrs ago. Folks that haven't done it have no clue how expensive, time consuming, and stressful they can be. They can be a great wealth building tool, and retirement income but it's far from easy money. If you have a mortgage than they're not going to make squat, so if that's your retirement plan you better buy them early in life or have a couple million to spend. Also a few units won't be enough to retire on imo. Once you have them paid off you'll need 2x your desired income in gross rents. Buying smart, working hard, basis management, depreciation, 1031's, and a little luck are keys to building a lot of wealth in real estate.
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