Nor is he going to live in any of the rental properties he buys. In the meantime he has limited liquidity, house insurance, repairs, seriously annoying tenants who trash the place because it’s not theirs, tax reporting obligations, KYC etc etc. If this friend of yours was any dumber he’d be Gomer Pyle.
Discussion
It’s still seen as “magic internet money” that you can’t see or touch with massive volatility to the majority of people unfortunately. Real Estate is still the best way to store wealth in their opinions because it’s tangible and has utility value while also throwing off cash. Some are starting think deeply about what it is they are after when buying these rental properties, and realize that Bitcoin is a better option. Explaining the dematerialization of things like Blockbuster, music CDs, Gold, Books, and now property seems to resonate with a few. Slow process, but we’re getting there.
Real estate is very Lindy.