This is the first post I wrote for Million Dollar Journey about how to make money in real estate. I think it’s awesome. My points are even more valid now with all the talk of bubble. In today’s environment, you’d better have a plan to add value. The price to rent ratio of most places are entirely out of control.
What happens is you end up owning what I call a cash sucking cow rather than a nice investment property. A cash-sucking cow of a place will make your life a nightmare. Every eviction, every maintenance request is money you as a landlord will end up taking out of your pocket.
It’s just not sustainable over time and you’ll end up with deferred maintenance and more problems.
So go read my post over there and you’ll get some hints and tips on how to buy your income property.