My spouse Pat is genuinely into real estate listings, then after studying a bunch of investment books Pat determined the best way to get rich is to invest in rental properties, she is always on Google or Zillow looking at homes for rent or rental apartments.
Pat already owns many rental units and still isn’t content – one of them is a duplex and the other is a small single family home.
Pat has been looking into possibly getting another single family house or trying her hand at selling commercial real estate! I personally don’t see the appeal of real estate. For one Pat is always taking occupants calls. Pat won’t hire a property manager since she is still small potatoes, so that means when a toilet won’t flush, the sink won’t drain or the dryer doesn’t work, my spouse gets called. Pat isn’t a landlord that ignores complications either. Pat immediately hops in her truck and checks out what is wrong. It is super discouraging… First off, the cost of upkeep on these rentals aren’t cheap; Pat recently had to hire a handyman to put a current roof on her duplex so that it passed inspection. Pat calls for A/C repairs and general service all the time. My spouse is pretty skilled himself, however there are a lot of specialty calls that Pat gets from time to time. I don’t see how Pat gets enough money in rent to make up for what she pays in repairs, then lastly, the stress of owning properties would do myself and others in for sure. She has to handle weird tenants, turf services and spend my money on the property taxes. Pat has to make sure everyone pays on time and isn’t causing disfigure. I wouldn’t appreciate contending with that.