Anyone willing to share their experience Investing in rental properties? Pros, Cons, Gotchas

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1. My parents have been doing this for decades now. Down the line it helps with financial independence if not full independence
2. Lots of ups and downs. They bought some properties for just rent and then tried to get into flipping
3. If you intend to flip, be ready for contractors that don’t get the job done
4. My parents lost out big on flipping
5. The more properties you get , the more challenges you have - be ready
6. Get liability insurance - my parents were sued because someone who wasn’t watching their kid slipped out the backyard, past the gate because another tenant didn’t close it, walked down the road, got hit by a car and became paralyzed for life
7. If you want to scale, find someone to hire or a handy man you can trust with your life and pay them whatever it takes

I joined in the game a few years ago with just 1 condo and ..

8. Condos where you pay a hoa fee seem to reduce that liability - they’ll take care of the grunt work like snow cleanup or issues related to the structure of the building. Less profit but less hassle.
9. Let they $$ roll in every month 😎

Tip from a friend:
10. Rent out to non causasians- they actually tend to take care of their home instead of buying things like cigarettes (stereotypical comment there but this investor says it’s true)
11. Be a dick to the renters - make them fix their own shit

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@D2 - the investor who gave the tip wasn’t coming from the angle of people don’t know renters rights.

Everyone - I see how my comment might have caused issues. Apologies 🐠 fam

If you don’t travel it might be worth while, but if you’re not able to do repairs /maintenance/leasing yourself there are probably better investments

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Had two rentals, now living in one and still got one rented out.

It's a long game. Don't expect short term returns, hell with repairs you might even have years with losses. Get a good accountant because of you don't, taxes will kill you.

Being a landlord is a pain in the ass. There are easier ways to make money.

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