Have any of you purchased real estate solely for the passive income? And how did you go about it? I have a contact that sells turnkey rentals and some cash saved up but I want to get opinions/stories before I go any further.
"real estate solely for the passive income"<p>Now that is an oxymoron in my opinion. Real estate even though on the surface seems passive (rent it out while you sit on a beach) is far from that. There will be periodic maintenance, dealing with renters and god forbid you get bad ones, big item expenses once in a while (you bought a 15 year old house and even though the last owner did upgrades, you suddenly have to replace the roof), rent collection (this one can be painful too).<p>Investing in real estate is not always a bad thing depending on your capacity and the location/market of course. But please be aware that becoming a landlord is not passive at all even though you will not be working at the property on a daily basis.