this post was submitted on 02 Oct 2023
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Step 1: Use the equity you've built up in your primary dwelling to put a down payment on a second house, which you can rent out. Congratulations, you now have a second job to fill your evenings and weekends.
Step 2: Hope like hell you get a decent tenant who pays the rent on time and doesn't destroy your property.
Step 3: Pay all of the taxes, mortgage payments, maintenance costs, repairs, legal fees, etc., which the rent will just barely cover. Of course, most of the mortgage payment goes to the bank as interest.
Step 4: Keep crossing your fingers that you don't rent to someone who will destroy your property, fail to pay rent, sue you, or cause any other major headaches.
Step 5: After 20 years of doing this, you have now paid off that second house. Yay!
Cool, now try being the renter who paid off your mortgage for 20 years and has nothing to show for it.
If you are a renter, there is a big probability you move a lot, and buying is simply not so convenient due to your current situation. But it is unfortunate that many people also can't afford to buy a house or apartment and are only able to rent. What are you, as a landlord, supposed to do if you are living paycheck to paycheck with the mortgage you took for the apartment that you rent ?
As a landlord, you should eat shit and die.