The article reflects on the author's childhood fascination with the idea of being a landlord, inspired by playing Monopoly. However, after observing the realities of property management through their parents' experiences, they concluded that being a landlord is challenging. The piece outlines key reasons, such as the illusion of passive income, hidden costs like maintenance and taxes that can drain profits, and the stress of dealing with tenants. Ultimately, the author decides against pursuing a landlord lifestyle despite its appeal.
Some people do move this dream from fantasy to reality, and one of them was my Dad. His rental properties help fund my parent's retirement today.
Passive Income is an Illusion. Everyone these days is looking for sources of passive income. Unless you're drawing money from a trust fund, though, there really is no truly passive source of income.
Dealing With Tenants is Stressful. It's not always easy to find tenants who are quiet, follow the rules, and pay their rent on time, every month.
Hidden Costs Drain Profits. The mortgage payment is the most obvious cost of rental property, but if that's all the rent covers, you're in trouble.
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