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No. of Recommendations: 0
There are plenty of stories out there of people who have been able to do well with rental property. The key I think is to start buying when you are young and accumulate enough rental properties so you can hire a staff to help with maintenance. Then you have freedom to travel if you like. Being small and first starting out can be difficult.

That was basically How I thought I would approach it. I'm only 32 now and I currently have one rental property.

If you do it right, its a solid business that generates tax advantages in depreciation. So current income taxes can be managed. Also, they are nice assets provided you are in an area where they appreciate over time.

For most, this turns out to be a long term investment. Flexibility can be limited if the area declines

Where I live (and where I would buy more rental properties) is rural and is in what I would call the boom section of the state. People are moving in and property values are appreciating quickly, so currently I have no fear of the property not appreciating.

Do you want to be an inner city slum landlord?

Good lord no! To be honest, I thought about it though, because I live near a college town (with multiple colleges) so there'd always be renters. But I've heard and seen too much of the bad stuff that happens renting to college kids. I'll stay out here in my rural area.

Thanks for the feedback.

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