Anyone own a rental property?

I owned 3 rental properties (total 6 units) for over 10 years. Some people are very successful at it, so it's not that it can't be a good thing, but I wouldn't do it again. I sold the last one 2 years ago. I lost money on that one, made money on the other 2, and even with the loss on the one, it was enough to pay the 20% down on our current (more expensive) house and to remodel a couple rooms. But even so, to me, it wasn't worth it. Way too much hassle. Everything 64BCODA said and more. Every situation is different though. One thing I learned from being a landlord is that most people are absolute scum. I hate to be cynical, but that's just reality. Lots of dirtbags in the world, you don't really realize it normally unless you interact with people on that type of level. And my properties weren't in slums or anything, pretty decent areas, used credit screening and everything else. Still scum. The last couple years on the last property I paid a property manager to take care of it, since I was out of state, and it was money well spent. Still a pain though. It's hard to find anyone who will care about a property that isn't theirs, and in many states, the laws are definitely in favor of the tenants in the sense of making it really hard for a landlord to re-coup losses. I still have a bench warrant out for a past tenant for several months rent owed -- I'll never see that money!

Anyway, it's definitely for some people. I have a relative who has been incredibly successful at it for the past 25 years. You sound more like me though, and like I said, you couldn't pay me to do it again. I'd rather just get a second job or spend my time doing something on my own for money if it's just about the that. It'd be the easier path to that end!

Good luck whatever you choose. The good news is that it sounds like you're in a pretty good situation no matter which way you decide to go. That's worth a lot right there. Go for that dream house!