I’m pretty confident that if you asked anyone who has ever owned a rental property, that you would get an overwhelming response that it is not as lucrative or easy as they thought it would be. In fact, owning a rental property can be a major pain, and end up costing you a ton of money!
I certainly don’t mean to be a “Debbie Downer”, and I know that if it is done right, it can be lucrative. But from an insurance agent’s perspective, I don’t see a lot of people doing it right.
So you’re probably thinking, “Well Michael, you are an insurance agent. What do you know about real estate or rental properties? Why should I take advice from you?”
I’m not a real estate agent, but I do own rental properties and several of my friends/family/clients/co-workers own rentals as well. And because I insure a bunch of their properties, I’ve had a first hand account of the process, and I’ve learned what to do, and what not to do.