I don't understand this viewpoint at all. I own multiple properties and the only "work" I do is stuff that I like (minor repairs and renovations). I hire someone else to do all the stuff I don't like or don't have the skillset to do myself. I don't chase tenants down for missing checks because I only buy B class properties and I require all tenants to pass a background check, credit check, and to pay their rent via recurring direct deposit.
If having to fix a clogged toilet at midnight once a year is the sacrifice I have to make to retire early, so be it.
I think it's easy to understand that even though you enjoy responding to calls about fixing a leak at 10pm on a Tuesday that not everyone would. And for many it would be a significant drawback to owning property.
I have a total of four rental units. In the past year, I've been called out to fix something three times. Each issue took about 15 minutes to resolve. I could have hired a handyman for these jobs but it was cheaper and quicker to do it myself.
Most people are afraid of rental properties because it's out of their comfort zone.
Working a W2 job, socking money away in a 401k, and retiring at 65 = normal, safe, responsible, respectable.
Working a W2 job, slowing accumulating rental properties, fixing a toilet once in a while, and retiring at 45 or younger = deviant, risky, naughty.
Here is the way I do it and it takes all the workload out of it.
I buy Home Warranty, not just for the purpose of reducing the cost, but the convenience, once something break, I don't have to find a proper contractor and do all the work. I just go their website, fill a form and put my tenant number in there. nothing else for me to do.
I haven't been to my property in 2 years(probably not the greatest idea though)
Over the course of 20 years, you will have modest years that seem pretty reasonable, and you will have ridiculous years that tip the whole balance negative.
My partner had been renting her house out for about 5 years with the usual annoyances, when the newest tenants left a cabinet on a cord that after a few months started an electrical fire that torched the place. No one was injured and it was (mostly) covered by insurance, but it was still 6+ months of dealing with all the claims and repairs and getting it back into shape. And to top it off, the tenants took her to small claims court for the security deposit! (They lost.)
Tried that. Unless you have a lot of properties or can get one who is also an REA, they aren’t nearly as motivated as your more “proactive” tenants will demand.
And forget about evicting an unwieldy tenant on any reasonable schedule in California. I have friends who’ve been foreclosed upon while trying to get unpaid tenants evicted.
If you’re willing to do this as a second job, go for it! Personally I would (with the benefit of hindsight) invest in a multi-unit income property or a vacation home with rental potential if I were going to buy investment properties, but that’s just me.
If having to fix a clogged toilet at midnight once a year is the sacrifice I have to make to retire early, so be it.