The beauty in Real Estate is the freedom and potential to do whatever you want. You can be as active or passive as you want, essentially you'll be one trying to find meaning in what you do. Then again, that applies to anything you're passionate about.
I use my rentals as a way to propel and supplement my passions. Although when you're starting out, you'll be spending more time building your portfolio than spend time doing what you're passionate for.
@Alex Silang , think back to when you were a kid. What were your dreams? What got you excited? Those are your real goals. Once you hit your CF goal, go get yourself a PM and do those instead of "scale". Life is short.
@Alex Silang It depends on your goals, I find the excitement is in the rewards, I enjoy renovating apartments, I enjoy creating new layouts in a house ( adding bedrooms, knocking down walls etc ) and best of all I love getting the rent checks.
Success is not easy, there will be time when your tenants will piss you off but at the end of the day you have to look at the bigger picture " Building wealth".
Any job can be meaningful and give you satisfaction. This is more about your attitude about life and what you do than the nuts and bolts of your job. I've met millionaires with their own companies who were miserable. I've met blue collar laborers who loved their job and life. I am a landlord and find it to be very fulfilling. I get to help people find a place to live and treat them with respect and appreciation and I get the same in return. That said, the landlords that have a bad reputation are usually terrible landlords that don't respect their tenants and are terrible at choosing tenants. Those people will probably not find fulfillment anywhere.
There's nothing glamorous about property management, but if you want to do it, you should give it a shot...but I wouldn't recommend giving up your lucrative day job yet. I manage multi-tenant office buildings at my day job, but I have a property manager who takes care of my residential rentals. Why? I think I would be too easy on my residential tenants and they would wind up taking advantage of me. I never have a problem evicting someone from their office, and if there's a law suit I couldn't care less because it goes to the owners attorney and I wash my hands of it.
Being a landlord is definitely a meaningful job.
- I take a house that is foreclosed or otherwise a burden to the neighborhood, and rehab it. It now fits in with the neighborhood and gives the other residents a positive impact.
- The house provides a home to a person or family. It's important that people have a stable roof over their head in a home they care about.
Originally posted by @DL Martin :
Originally posted by @Steve B.:
Your viewpoint is so over-broad as to be incorrect.
Or you can get into some class D property in the Midwest , make great cash flow, have zero to negative appreciation and have to hire security guards to collect rent on the 1st and 15th. While doing janky repairs and being a slumlord. This is actually a good business model for some and profitable.
Good Lord. Talk about "over broad as to be incorrect".....
I know many D class landlords and do not know of one single landlord who hires a security guard to collect rent.
Further, I worked as a police officer in some of the worst neighborhoods in Long Beach, CA for over a DECADE and not once was I ever dispatched to a robbery of a landlord, attempted robbery of a landlord.
Generally speaking, landlords who decide to play the D Class landlord game have a very good idea what they are getting into. Further, her in the Midwest, nearly everyone has a concealed carry permit and they actually do carry. Two of my closest friends are ER Doctors and they both carry. Neither of them are landlords, but I'm just saying, guns are not a dirty word here in the Midwest or in the South.
I got a call once for a landlord trying to get sex to wipe out the late rent debt. Landord drove a hummer. Trailer park.
Why settle for just one hummer?
LL is a job, there will be good days and bad. I don't think of it as a job people take for higher satisfaction.
W2 income is important. The best financing is the fannie mae standard loans that look at debt to income. The other challenge you are going to face is health care. It is unbelievably expensive to buy for yourself.
My advice is find a better job within your current employer and continue investing.
50% Yes, 50%No... I think you're looking at it like the grass is greener on the other side.
I do exactly what you described, take places other people see as garbage, and turn them into beautiful homes, and rent them to great people who appreciate it! We are improving the area, and our tenants appreciate us and see value! Tenant calls are minimal, and people are very nice and a pleasure to work with. That's the yes portion.
The no portion, is you can also see the worst in people... If you want to be jaded-- become a landlord. ..we clear houses every time we leave because we expect people to try and break in, we do fences because we know people will steal stuff if it's available... oh, and you think everyone lives like you? Some people are just flat out disgusting. Some people are just bad, bad people... ever meet a convicted murderer? --- you may if you become a landlord! we evicted this couple that literately let their cat pee/poop everywhere in the house..smell was the worst and most pungent thing I ever experienced. .. . people don't talk about the dark side, but it's absolutely there!