I'm in the UK and the "housing crisis" is blamed on these mid-salary earners with two houses and the banks that funded them.
You know the type, they have their own house and a cushy job then they mortgage up to buy a second property so they can call themselves a "property developer" or "landlord" but in reality a 1% increase in interest rates see them selling their cars and taking the TV's off the walls to flog on eBay to pay the mortgage!! Not to mention what happens when their tenants leave and they have a void, or the tenants stop paying, or the tenants wreck the place, or they're made redundant from their job they have no control over or the government changes the tax laws like now! It used to be pretty easy to get that second mortgage, not so much now.
Property is 100% fast lane.
However, buying a property with a massive mortgage and no "machine" is not fast lane. It's simply too big of a risk for not enough reward, you could create a semi-automated part time company that earns you as much profit as the rent from one property with less risk and less sleepless nights. (my UK based opinion)
I've been where you are, I am a qualified tradesman and I have contacts so I thought I could do it cheaper/easier/better too. But the reality is, property is only fast lane when you buy property from profits made in a business.
That's how people get properly rich.
Create a value adding company, make good regular money, buy property instead of cars, rinse and repeat for X amount of years then you can sit back and live off the rental income with a properly diversified portfolio of property, business and other investments.
If you have less than 6 figures cash and are living pay check to pay check then I would suggest you forget becoming a landlord and perhaps look at other businesses you can start to get you to 6 figures of cash and regular decent income.
I'm still not there either, but I'm doing a whole lot better than I was when I wanted to be a "property developer".
Just my thoughts, there is no right or wrong answer and I think the property game is a bit different in the USA.
You know the type, they have their own house and a cushy job then they mortgage up to buy a second property so they can call themselves a "property developer" or "landlord" but in reality a 1% increase in interest rates see them selling their cars and taking the TV's off the walls to flog on eBay to pay the mortgage!! Not to mention what happens when their tenants leave and they have a void, or the tenants stop paying, or the tenants wreck the place, or they're made redundant from their job they have no control over or the government changes the tax laws like now! It used to be pretty easy to get that second mortgage, not so much now.
Property is 100% fast lane.
However, buying a property with a massive mortgage and no "machine" is not fast lane. It's simply too big of a risk for not enough reward, you could create a semi-automated part time company that earns you as much profit as the rent from one property with less risk and less sleepless nights. (my UK based opinion)
I've been where you are, I am a qualified tradesman and I have contacts so I thought I could do it cheaper/easier/better too. But the reality is, property is only fast lane when you buy property from profits made in a business.
That's how people get properly rich.
Create a value adding company, make good regular money, buy property instead of cars, rinse and repeat for X amount of years then you can sit back and live off the rental income with a properly diversified portfolio of property, business and other investments.
If you have less than 6 figures cash and are living pay check to pay check then I would suggest you forget becoming a landlord and perhaps look at other businesses you can start to get you to 6 figures of cash and regular decent income.
I'm still not there either, but I'm doing a whole lot better than I was when I wanted to be a "property developer".
Just my thoughts, there is no right or wrong answer and I think the property game is a bit different in the USA.
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