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out of sight, out of mindHow are those downfalls? Anyone renting is already paying their landlord's taxs and insurance, plus a margin on top of that
At least say the downfall of having to deal with appliance failures on your own instead of calling up said landlord
I'm done paying for my home, so my options are different when it comes to insurance, and I go over every little detail and negotiate better rates every year. I also have to save up and pay the property taxes in two lump sums, those are responsibilities a renter doesn't have to deal with.
a renter can also simply MOVE, stuff like this happens a lot.
also, you can make mistakes with long term rentals. I have a piece of property that I'm renting out for hundreds below market. Reason? long term loyal renters. at the time I owned it, it was costing the renters more for the rental than mortgage, but over the years, that has reversed. no way would they find a mortgage for that home for the same price now. Not going to simply raise rates by $500 and have them take it...... but that's the going rate around that area.
there's risk and rewards when it comes to these things, my parents, aunts, and uncles have lost half a dozen homes due to foreclosure, they lost money in the game of life (80's crash). Not every landlord is a winner, hell, I'd own more properties if my parents weren't scare mongering me about it.
my cousin's family are school teachers, they hardly make any money, the husband took out the veterans loan, bought some homes at the right time, and they won the game of life. They could have been lower income all their life, but they took some risks and reaped the rewards. Otherwise, they would be living in the boonies, and to this day, they are still school teachers making shit income, yet living ok.