After reading the books Rich Dad, Poor Dad and Millionaire Next Door, I was convinced that I needed to own rental properties in order to be rich.
It was a smart investment move.
For the most part, I agree with rentals and diversifying your wealth. However, being a landlord isn’t meant for everyone. When you only have a few rentals in your portfolio, hiring a property manager isn’t the financially smart decision. So then you are just sort of stuck getting more rentals, hoping it affords a manager, and then sinking more and more money into it. I realized quickly that I would either need to spend a lot to gain a portfolio or just tap early. I decided that I was already sick of being a landlord and it had only been a few years of it. I decided to offload my entire rental property portfolio. I could have listed the properties online. I didn’t want to go one by one with them though. I also wanted to get cash to invest in stocks and bonds. I wanted to actually diversify my wealth but not do a whole lot. So I looked at Florida buyers that do cash offers for rental properties. The Florida real estate agent company that I worked with was great. They gave me a cash deal for my entire portfolio. I didn’t need to kick tenants out, make repairs, or even stage the places. I just had to sign. That was a relief. Having cash in hand to immediately buy stocks was a bonus too.