Updated about 16 years ago on . Most recent reply
Successful on just Rental Properties?
Just a Question to people that like to buy houses and rent them out and others that have and still do but also, Buy and sell, Wholesale and all that good stuff. Are you able to be really successful in only Owning houses and renting them out? Nothing else but that? How many houses do you think you would actually need to be able to pay bills your own bills, fix anything the current tenants damage and still have left over "spending money"? 20? 50? Any info or thoughts would be nice. :type:
Most Popular Reply
#3 Off Topic Contributor
- Attorney
- Raleigh, NC
Honestly it only took me 8 rental properties to "technically" hit that, and of those 8 only 1 was a multi (3 units). However, I aggressively (obsessively) bought extremely low and within that time also acquired a residence for myself for cash (no mortgage) and I'm just not a very materialistic guy. When you don't have a mortgage and a car payment, becoming financially independent is a lot easier. Moving forward from that position, everything I buy - I buy the asset to buy it for me first. I haven't applied for any type of consumer loan for almost 3 years now.
It's a highly disciplined lifestyle that requires you to ignore the marketing to "buy now, pay later" that is all around you.
That being said, for me this is only a stepping stone. I'm on to buying my first cashflowing business next.