The same thing goes for business rentals. I was in business at 3 different locations for the past 33 years. The first location was privately held and the landlord kept the rent reasonable. The second location was a franchise and the rent went up 100% in ten years which no matter how good the location was the rent squashed any increase profits.
So after 20 years I finally bought my own property and spent the last 13 years with a fixed monthly mortgage.
March 1st I retired and leased the property out. Now I collect rent to subsidize my retirement.
My biggest mistake was not buying 30 years ago. The opportunities where there but I just didn't make the move.
I'm thankful I finally did because if I didn't I wouldn't have the extra income in retirement.
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