I May Not Be Donald Trump…

… but my wife and I do manage a two-family rental property, and that makes us a landlord. Think about that word, “landlord,” you are lord of the land. Sounds like a real powerful position, not to mention a great way to put some extra cash flow in your pocket. In fact, real estate investing is one of the main paths to working less and earning more, covered in my book The Complete Idiot’s Guide to Working Less, Earning More.

Before you pounce on the first available property allow me to break down the pros and cons of entering the real estate game. Better for you to make an informed decision than to learn the ropes after plunking down 20%.

Three Pros:

1. Checks show up every month from people paying your mortgage
2. You get some nice tax write-offs every year
3. You earn positive cash flow while you sleep

Three Cons

1. Faucets always leak at the absolute worst time
2. Tenants don’t treat apartments as well as owners
3. People constantly lie about smoking and pets

All in all, I’ll take the cons since it gets me closer to the ultimate goal of working less and earning more. Just don’t ask me about it five minutes after a tenant calls with a leaky faucet. And don’t try to tell me you don’t own a dog when I’ll find out about it a few months from now!