What are downsides of investing in real estate?
Just a few downsides of real estate investing:
- Values can go down or remain stagnant. Everyone talks about “appreciation” like it is an unwritten law of every increasing prices. But much depends on markets, locations, and there are no guarantees. While many markets on the coasts have seen great appreciation recently, many cities not so much, for example.
- Capital Intensive (read cash hungry): As you might guess, real estate can require a lot of capital from initial investment to maintenance and repairs. Everything wears out, for instance. So whether you have a duplex, an apartment or shopping mall—once you buy, you will start to notice the cracks in the parking lot, the aging HVAC, worry about the roof, see the floors are ready to be renewed. And these bills can add up and keep coming (See CAP EX for more). I was listening to Dave Ramsey one describing businesses as voraciously cash hungry and it made me think of my fourplex which could eat up all the income and then some if I let it…
- It is work! It is hard to avoid seeing or hearing some guru or author talk about “passive streams of income” and in my experience real estate is anything but passive. If you truly want passive investments, try a REIT, ETF or Index Fund. Real estate involves real buildings, real people, and real problems. Sure you can hire out some management and many tasks, but at the end of the day you have to make decisions and provide oversight. You own it. In fact, your management can also be a competitive advantage if you do it right.
Best of luck!
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