So you are a landlord and wondering sometimes what the hect did I get myself into? Owning investment properties long term can bring you a steady stream of income for years to come and also headaches that come along with owning rental properties. Most landlords are honest hard working people who want to get ahead in life and by owning multiple properties long term will create wealth while also bringing in a steady monthly income in most markets until you are ready to sell the property that has increased over the years.
You never get rich with one property and this is where most homeowners fail when owning real estate, yes your main home could be paid off and worth 300K,400K or even more money but would that equity in today’s market make more sense to buy and own a few smaller properties that would be great rental investments while prices are at all times low “2011”?
I agree that being a landlord has its ups and downs but in the long run If you buy smart properties based on location, school districts and rental properties that always rent quickly you can not lose. Single family homes are a great way to go but also bring along higher repair costs from time to time, townhomes and condos / apartment conversions always make the most sense mainly because you do not have to worry about major repairs like replacing the roof, thats why you pay monthly hoa and condo fees.