Originally Posted by
Hawaii50
I agree with you on the need for a side business or second income of some sort in this industry. I'm impressed with you guys who are smart enough to run a something that works for you. I'm not convinced I am but I'd like to give it a shot. 3 kids, with 2 in college doesn't leave much at the end of the month, even with prior planning. I'd be interested in hearing what has worked for guys, preferably something that doesn't eliminate what little free time we have left. Cheers.
Owning real estate is my personal favorite. Location, location, location is the mantra, but investing based on cash flow, cash flow, cash flow is the way to go. The location will help with the cash flow. If it doesn't provide positive cash flow every month after accounting for vacancy factors, replacement reserves, management costs, maintenance, etc. find another property even if it is a "good deal" in a "great location".
Real estate comes in all shapes and sizes from small single family homes to apartments, storage units and trailer parks. It's a slow process to find a good property, which is why I don't own much. But it's just enough stability to vote "no" on a bad contract.