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> 1. Buy a house in a place where it's normal for people for rent rooms or have roommates. Not sure where you live, but you already have to be a Millionaire in

• deadmetheny 9y ago
  This is only true in coastal bubble cities. It's perfectly viable in the 90% of the country that isn't those places. My setup is similar and I didn't start off rich at all.
• NickM 9y ago
  Not true. There are plenty of cities in the US where you can buy a very nice house with several bedrooms in the 150k-250k range. You can get by with even less if you're willing to start with a fixer-upper. Totally doable for non-millionaires, especially if you're starting off with a mortgage as the OP described. And plenty of people still seek roommates in these areas; lower housing costs also tend to correlate with lower wages and general cost of living, so it doesn't mean everyone is going to automatically live alone just because you're not in SF or NYC.
  • ryandrake 9y ago
    Ok so that means moving to a shakier employment environment (you are relying on employment while you bootstrap), so this becomes riskier than “guaranteed“.
• HeyLaughingBoy 9y ago
  Nope. I have a friend (Minneapolis, MN) who was doing exactly this, and she was far from rich. Last time I talked to her she owned a triplex and was renting out the upper two floors on a per-room basis, while she lived on the ground floor. OP is right though: most people don't want to be landlords. I was for a few years, then decided I didn't really want to be in that business. Pity too: my tenants were great and I was bringing in +$300/month over mortgage/insurance/etc. costs.