Anyone else completely fuck themselves trying to become a real estate investor?Bought a $525k rental after watching too much BiggerPockets and finance YouTube. Put $105k down, then another $27k into flooring, paint, appliances, and repairs because I thought I was about to become some badass businessman/Wolf of Wall Street landlord.House has been vacant for five months. Started asking $3,200, dropped it to $2,850, still nobody serious. Mortgage, taxes, insurance, HOA, utilities, lawn care, and maintenance are costing me about $4,100 a month.I’m already down roughly $72k in carrying costs and repairs on top of the $132k I put in upfront. House is probably worth $475k now, so selling would wipe out most of my down payment after commissions and closing costs.I wanted supplemental income and a shortcut to retirement. Now I’m paying four grand a month to play businessman because boring delayed gratification wasn’t exciting enough for me.
>>62523518Your bank is making a killing off of suckers like you. They're the smart ones. Not you.
>>62523518you should have put the 525k into spy. you would have had a 1mil in the next 7-8 years by doing NOTHING.
>>62523556You're the one who will end up with nothing considering your lack of reading comprehension.
You're supposed to buy a multi unit building and live in one of the suites, then you just have rentoids paying your mortgage for you.
I nearly fell for the landlord meme, glad I didn't.
>>62523518I'd rather just buy REITs and let someone else manage that shit for a premium. Also, it's easier to get industrial and commercial real estate this way.Yeah you miss out on a ton of upside, and REITs generally provide shitty returns compared to broad market indexes, but it's a small part of my portfolio that I decided to start building during this whole war in the middle east bullshit as a defensive play.
>>62523638>miss out on a ton of upsidelol no. real estate is not an efficient market. professional real estate managers are able to buy at lower prices and manage properties for far cheaper than novice investors.
I see people do this all the time in my field of work and I don't understand why it's so common.. Why would you buy a single family home at market price as an investment? Why would you not buy a multi-family dwelling? Can you put a basement unit in there, at least?
>>62523518No you didn't
