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I have a friend who's a real estate broker that used to do the 'buy properties then rent them out' thing, but he quit.
He also talked me out of it.
I guess it depends on where you live, but his main beef was the problem of dealing with tenants and actually collecting the rent.
It sounds great, buy a house then have renters pay your mortgage, but when you start getting calls at 2 in the morning because someone's furnace pilot light blew out....fuck that.
Or you get the "Sorry, I'll have your rent check to you next week."
He swears there is money in buying cheap, slightly run-down properties, fixing them up yourself, and making a tidy profit on the sale.
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