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Talking to several people and they all had some type of real estate investment where they buy a low priced home, put some upgrades and then rent the house.
Is this a long term strategy? I honestly don't understand whats so popular about it.
Yes it is a long term strategy. It is appealing because it provides (relatively) passive income. I don't own any rentals but would like to once my financial circumstances allow it.
Talking to several people and they all had some type of real estate investment where they buy a low priced home, put some upgrades and then rent the house.
Is this a long term strategy? I honestly don't understand whats so popular about it.
Because once you have x number of properties, you can basically hire a property manager and retire with minimal work. There are headaches with tenants if you get bad ones, but with 7 properties, you can still be okay if you end up getting a bad egg. However, this is best done during recessions or at the start of economic recoveries.
Talking to several people and they all had some type of real estate investment where they buy a low priced home, put some upgrades and then rent the house.
Is this a long term strategy? I honestly don't understand whats so popular about it.
i believe that real estate investing (buying properties and renting them out) is popular because it is a relatively easy business for everyday people to get into. im not saying it doesnt have its challenges but a lot more people can understand how to buy a place and rent it vs opening up a typical business selling a product or service and hiring employees. i have employees that dont make a lot of money but over time they have picked up some apartments that they have rented out.
I think there were a few folks to become billionaires or close to from doing it on a mega-large scale.
Then there's guys like Sam Zell that rent trailer parks.
And storage space billionaires.
There's money in renting stuff, only about 1/2 of the national income is from work related compensation.
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