What is it like being rich landlords and receiving passive income?

[Baron Wilson]

To my successful landlords, what is it like? Pros and cons? What is it like to refinance, have cash, be rich, have equity, etc. 

I am so excited to be wealthy lol!!!! 

I am in real estate to be wealthy. Also, I love helping others and the process!!

[Greg M.]

This is a very odd question. I can guarantee you that most landlords are not rich. They are average working people who either decided to rent out their starter/inherited home or those that saved enough money to buy 1-3 moderate rental properties. 

What's it like to be a successful landlord? It's like work. A lot of hard work. A second job. There is nothing passive about the income. And for most people that cash is "in and out" very quickly. Rent check comes in, your checks for mortgage, taxes, insurance, HOA dues, and repairs go out just as fast.

Refinancing is a blast. After spending a lot of time finding the best rates, then it's pulling together copies of state and federal taxes, bank statements, leases, W2s, 1099s, etc and filling out numerous pages of questions. Then you get to have 50 pages notarized while signing your name over and over again. Absolutely as much fun as it sounds!

Landlording is a job. It is a slow path to build up wealth.