Explain it to me like I'm 5: How do you get rich in real estate? Seems like it takes many many years to get positive cash flow.
Please help clear my mind from my skewed point of view of how REI works.
My goal is to buy a multiplex apartment building and live in one of the units.
So I'm guessing that I'd have to put something like $50,000 down for that. That might take me 3 to 5 years to save. So I got the property, and I'm cash flowing a few hundred dollars a month. That's it?!? All that hard work for a few hundred dollars of "free" money?
How do people make millions of dollars in passive income? Either they have to come from a family with money to bring big down payments to the table, or they have to save and save and live like a hobo for 30 years to build up enough cash flow.
Convince me otherwise. I probably sound really stupid to a lot of you, but this is the beginner's forum, after all.