I admit I’m not familiar with rental income so it’s hard for me to advise them on it. How would they start along this line of investment? I’m assuming they’d probably use a property manager since they may not have the time/knowledge/willingness to do it themselves, at least right now.
Just like anything else, with books and google. Or BiggerPockets Guides.
Thanks for the recommendation. That site has some decent info. I forwarded it to them but did not get much of a positive reaction. It felt like they were looking for more hand-holding. Basically, hey can you connect me with a property manager whom we’ll give money too and they’ll send us a 4+% check regularly where we don’t have to do any work or understand what he does. You get out what you put in never sounded so true.
Maybe its just me but in my experience, finding a GOOD property manager is a lot harder than I’d think. And you’re trusting a very expensive asset with a lot of risk and cost to someone so a bad or mediocre manager can do you a lot of financial damage.
Oh no! We’ve got the same relatives, and may end up meeting on that goofy PBS DNA show.
Fortunately they’re only neighbors, not relatives. Although to be fair, many of my relatives, I’ve given up on trying to educate them to make better financial decisions. There’s always an excuse for inaction and/or stupidity so I ended up giving up.
I’m in my upper 40s and told them that I was retiring in about 5 years once our last kid graduates from high-school. We could do it now but there’s no point if I’m stuck with schooling. Some reacted along the lines of “damn how did you make it since you will have worked so few years”. I had to bite my lips to not answer “just doing all the things I advised you to do would have gone a long way…”