“Going to be a slumlord, huh? Have fun with that!” “My brother tried that for 10 years and lost money every year.” “My uncle owned a multiplex once. All the units got trashed and he constantly had to evict people for not paying.”
For whatever reason, when I started getting excited about buying a rental property (for that oh-so-nice rental income), the above reactions are what I got from my family, friends, and co-workers. Maybe they were just trying to be helpful – trying to protect me from a future disaster – but I think there was more to it than that.
I wanted to do something great – earn a passive income, create options for my future life, and grow my net worth to huge sums! Many people have these dreams. Few people take the first step to achieving them. The “advise” I received was basically their excuse . . . → Read More: Rental Income: A Headache or a Dream Come True?