Very good albertarick
R.D.P.D - Cheerleading - Dangerous Cheerleading that can get someone into a lot of trouble buying a property that might not work for them.
All other posts re me, and re education Ceribus Paribus:
1) Education is improtant - you shouldn`t be advising your children otherwise
2) Education leads to higher paying jobs - Yes there is good $$$ to be made for those with a high school education, but it`s much less likely, and much harder these type of jobs.
3) The more you make, the easier it is to save - and the faster you save more $$$$
4) The more you save from your high paying job, the sooner you`re "free" (ie can retire)
5) Owning your business doesn`t make you "free" - it makes you less free than working for someone - instead of a boss you have clients, - instead of somewhat defined work hours you`re responsible 24 hours a day, 365 days a year - you have no guaranteed level of compensation - you have no job security.
6) Overexpanding in a short period of time through refinancing your properties can end badly - if you`re not prepared (ie material cash reserves) for tenant damages, defaults, higher costs, and lower rents you should off on buying the property - be it your first or your tenth.
7) Relying on capital appreciation, (flips/reno/redevelop excluded) and not cash flow from operations is SPECULATING not INVESTING. Rental properties are a business - you purchase buildings based on earnings potential - not based on guessing what someone might pay for it five years from now.
I should also add:
8) Purchasing out of town property is a terrible idea unless you have effective local management in place.
I find the posts in the forum baffling