What's really going on.

[Oz22]

Well, if I want to know all the pitfalls of any venture, I'm about to embark on I know who to ask.....

Any venture? Like if you needed heart surgery? Or you were facing criminal charges? Don't be so stupid.
You believe that owning RE is a ticket to strawberries and cream, I just pointed out some pitfalls from my own experience. Best you just ignore me and go back to what they are telling you on TV. You won't get upset that way.

 

[Zerks]

I’ve collected in rent roughly 3 times the amount I paid for my rental originally, and with the equity I have because increased real estate values I can triple my profits by selling now, which I’m not considering. Why sell a cash cow?
Slave to money? LOL!
I’m a slave to my cat maybe

If I had owned a property during the covid era I would have sold it when people were overpaying for property in part due to artificially low interest rates. Consider that right now people that bought homes then could not afford the same house now because of high interest rates. Rents here in Socal are now lower than buying a home. The current indications based historical records from prior crashes is now pointing to a place we have never been before. The inversion of the yield curve between short term and long term bonds has inverted... and when it unverts.... it will result in history repeating itself.

Keep in mind that the banks no longer want to loan money for home buying... do they have information that isn't shared on the MSM?

Banks make the bulk of their money through creating new loans which in effect is bringing new money into the economy... which adds to GDP.
So, I will state the question again... if banks don't want to loan money and buy gold ( which they have been doing in record amounts ) and treasury bills, then what is their motivation for doing that? Have the banks determined what the lower risk investments are ? Here is what I think about it... with defaults rising... with car loan money tanking.... with personal credit card debt at record levels... what does that tell you about the economic health of this country? I think the banks have a good idea where we are headed on a middle class level.

I think the banks are preparing for the worst because they have access to information we don't have... so... they know the current trend line and where they see it going isn't pretty. but... what do I know? I am just some crazy guy with a Busa.

Congratulations of having experienced long term profit from a rental property. Not every landlord is as satisfied as you are. My $2730 rent payment goes out tomorrow. I put myself here as a result of the choices I made in the past. Life is good and I am grateful for what I have and what I don't have. If I have to move tomorrow I can do it. Somewhere just outside Flagstaff AZ still looks like the best of all places. Decent weather, lower taxes and not nearly the traffic we have here in Socal.

 

[Bumblebee]

We had a couple rentals, one of them being out of province where we had my wife's dad manage...it went well, he did an excellent job at it.

The tenants had a fire and the house had to be restored...we had full insurance and it was fixed better than new but the tenants moved while it was being done, got comfortable in their new place and didn't want to move back......so we sold it off because the wife's dad got a job taking him away from his village each day and it would be too hard for him to manage our rental.....

My mother has a townhouse and rents all the units but lives there herself so has a vested interest in keeping everything up.....she ran into a couple large scale repairs and that sucked her savings....one repair was to a unit that the people stopped paying rent and were protected allowing them to live there for a year without paying rent and she wasn't allowed to evict them...

When they moved she ended up spending $10k on their unit...she was looking to sue them but her lawyer said it would cost a lot and as they had no money to speak of, she will probably never see a dime.

Now she's almost 90 and I figure she'll be selling soon.

 

[MonkeyButtRides]

You believe that owning RE is a ticket to strawberries and cream

No I don't and no I didn't say that....I just refuse to look at everything like the sky is falling, do you ever have anything positive to say? You must be an absolute joy to be around.

 

[Red05]

It’s much better here. Social Security varies by how much one earned before retirement and what age you start, but it’s usually 2 to 3 thousand a month, more if you wait until 70.
I started at 65 because I wanted to enjoy retirement while I’m still able to be physically active.
Sounds like Australia makes being a landlord much more difficult. Higher interest rates makes it tighter but having a rental or three is not about making a living. It’s about financial security later in life. I could have bought multiple and made it my occupation but I liked my job and made a good living.