I have read a lot of threads about how people deal with the stress of real estate. Indeed the constant problems with bad tenants and shonky contractors is enough to give anyone high blood pressure.
Personally I started buying real estate like I was playing a game of monopoly. Literally I was on the other side of the world and it was just like moving little figurines around a board.
I've now moved up to taking the job more seriously but I try to maintain the same mindset. Life after all is just a game of monopoly and things like houses and money don't matter when you die.
Also I think it helps if you maintain a paying job so that you still have income and your life won't be directly affected by those non-paying tenants or thieving contractors.
Thoughts and opinions welcomed.
@Nat Chan I would be willing to bet most REI started off playing Monopoly...maybe still do with their kids. There's a more advanced game of Monopoly called Monopoly City. It is more of a developer/commercial (3D) version that is great.
I usually compare REI to playing Poker. Not because I look at REI as gambling, but because the #1 rule of Poker is the same as REI...."Just stay in the game"...or another way of saying it is "...know when to fold em, know when to walk away, and know when to run..."
Poker: Losing hand, but you keep adding to the Pot
REI: Losing Property, but you rationalize it's a good one...and keep losing money (negative cashflow) on it.
Results: Either way (game), you won't be in the "game" very long.
You can always get your money back. Always remember, to use Poker as an example, you only lost the Pot...not the money. The money is still at the table...it's just in another pile. As long as you are still in the game, you can always get it back. Run out of money, in Poker or REI, and you're out of the game.
Moral of the story: Don't throw more good money after bad, and don't bet on bad hands/properties. Stay in the game.
Things like houses and money don't matter when you die, but hopefully there's a long amount of time until you die, and until then, those things do matter.
I love monopoly, it has probably helped a lot of investors get interest in real estate
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