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this post was submitted on 23 May 2024
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6.5% is (edit) nearly higher then mortgages. (Looks like Mortgages are about 6.5-7% right now. lol) Might be cheaper to become a landlord then to go to school. Really pushing the downfall of society with this one.
Nearly 10% is getting into loan shark territory.
it's absolutely cheaper to be a landlord.
the barrier is having a pile of cash or some asset worth a pile of cash. if you have a pile of cash and you are current on any debts / have a co-signer, you can borrow against your existing assets to buy more property and collect rents to cover your payments/interest, cost of maintenance, and a personal income for yourself.
even if you don't want to handle any of the lease signing, tenant issues, maintenance hiring, etc, you can hire a "property management" company and pay them 10% of the rent collected to handle all of it. large/significant improvements would have to be financed by you, but if it's a livable structure that meets code, you can just sit back and do nothing while taking in 90% of the rent.
additionally, in our ongoing housing crisis / property hoarding situation, even though you haven't paid off the loan to buy the residence, it's net worth will grow beyond the original purchase price and let you access more credit to purchase another property.