You could call it a happy accident: At just 23 years old, Dana Bull and her now-husband became landlords when they rented out their newly purchased condo in Salem, Massachusetts. They had relocated to Boston and needed extra cash to cover their living expenses.
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'I call it the triple-headed monster': A 27-year-old realtor and landlord explains her favorite strategy for making money in real estate
Buying an apartment building or duplex will give you more opportunity to build wealth over time.
There's more to a good investment than short-term cash flow.
Despite experiencing some early mishaps as landlords, including a mouse problem, Bull, now 27 and a realtor with Sotheby's International, says they quickly uncovered a passion for real estate investing.
"[U]ltimately, we were like 'You know, it's frustrating to have to deal with the maintenance and have this whole other thing that we have to worry about ... but it's a lot easier than our full-time jobs, which are extremely time-consuming and stressful," she told Business Insider.
Today, the couple earns passive income from six homes and 18 apartments they own in Boston and the North Shore. Bull says they've never had a vacancy in five years.
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"I think it's really important at any age, but especially when you're young, to keep your options open [for earning money] — and have different escape routes if need be," she said.
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