A bit too simplistic..
Loan not covered by rent. there are council rates, water rates, repairs, un-occupancy between renters, Bastard tenants, Slow "next week"payers. People who can knock a place around so it looks rubbish, worn but clean at the end, but still needs some repainting..You know that black mould that seemed to grown on the ceiling recently. How much do you value your own time? Plan for one or two trips to the RTA.
Lets talk about 7 years..inflation and interest rates increasing by 50% and you wearing a sandwich board "For Sale" and can't get rid of the albatross i.e. the loan. Stuck with a place desperately in need of a facelift, tenant gone because they can't pay the rent you jacked up to pay the mortgage .. and the rates.
I have shares. I click a button. I sleep every night.
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A bit too simplistic..Loan not covered by rent. there are...
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