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ac2022

I love this.

I agree that owning a business that doesn't require too much of your time is better than a business like consulting. This might be something I would do on the side. One of my old manager owned several rental properties, it rarely took any of his time.

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Rental properties can be great, but beware they are high risk, not low risk. Properties come with many inherent risks you can sometimes assess before purchase, but they also come with hidden risks, not the least of which is the tenants. I used to own many rental properties. In one, a neighbors contractor sawed into the water main of the high rise, flooding over 200 units below. In another, a gas furnace cracked in the winter, and poisoned the tenants with carbon monoxide. In another, a layer cake of black mold grew 6 inches thick and had to be remediated for tens of thousands. In another, a contractor moved a pile of dirt and triggered 5 years of litigation and 100s of thousands in legal fees.

Better to rent properties for monetizing, insure your risks, and let others bear the big risks. I have a friend who owns timeshares and rents them on Airbnb, thereby avoiding most of these risks. Always look at what is possible in terms of risks. The worst will happen, it’s only a matter of time.

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