Anyone else from the Midwest notice that all of the people you went to high school with, who stayed in your home town, measure their success by how many rental properties they own? TC: 480
No, but not a bad goal
Midwest you can actually cash flow positive on rental property, not like costal cities where you have to bet on appreciation.
If you think it’s free money, think twice. Make sure you are not someone else’s profit. How much of that positive cash flow is to account for poor appreciation or even depreciation? Do you know Detroit cash flowed for a long time?
I don’t think it’s free money, there is a different set of risks, but it makes it a lot less stressful to have rentals when they all cash flow.
People keep their first (second, etc) house and rent it out..... If you work a mundane non-tech white collar job, in a moderate COL region... You don't get stock beyond 401k match, and rental property is the easiest way to build wealth... Also there is a good chance that if you get laid off or there's a recession someone will still be living in your unit(s).... P.S. Also works in the parts of western WA that aren't in King County. At this point I think my out of pocket housing expense is zero if not negative - 1 rental house (my home from when I was single, also first married-life house) and an ADU on the property we actually live on.... We used to have another (wife's condo from when she was single) but we sold it to make the down payment on our current residence....
It’s free money and it’s difficult to make good TC in Midwest with a 9-5. Properties are affordable, good return, safe business.
In places that have had good jobs globalized and industries hollowed out landlord-ship is one of few paths to building wealth. Makes sense, no?
Yes, this is especially true in Texas. It’s not the worst thing to do here where housing is still relatively affordable IF they also are willing to roll up their sleeves and do the dirty work of home maintenance too
You must have known rich people. The people I knew from the midwest can barely afford a home of their own, let alone an investment property. $50k a year is considered good money. They measure their success by how many kids they have and if the church approves of their lifestyle.
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It’s the norm everywhere except California and NYC. Not just the MW