Ever since I started working, I’ve always had this idea of achieving financial independence. I quickly realized that a regular 9 to 5 job wasn’t for me. When it came to generating passive income, real estate always seemed like the best option.

Before the financial crisis, when the lending environment was more accommodating, my plan was pretty straightforward. I envisioned buying a property, earning a 10% return, and covering the mortgage with rental income. After two years, I would present myself to the bank as a successful landlord, borrow more money, and buy additional properties. By the time I was 40, I imagined owning a dozen properties and living off the rental income. It seemed easy.

In reality, I graduated with only a small amount of savings, and the bank was unwilling to lend me any money. So, I ended up buying a very small flat that I found online and rented it out for a modest amount, which wasn’t nearly enough to cover my living expenses. Renting came with its own set of issues, like tenants who wouldn’t pay on time.

Despite the problems, the numbers were still promising. I bought the flat for $25,000, rented it out for $350 per month (including $100 for condo fees and maintenance), and sold it for $50,000 after nine years.

I felt that with access to credit, my achievements could have been much greater. Although I didn’t have a stable income or significant savings to make another outright purchase, my determination to buy another property remained strong.

I decided I needed a stable income, so I took a job as an IT consultant. Although I disliked the office atmosphere and the work, I appreciated the paycheck and the progress it allowed me to make towards my goal. After about 18 months, I requested a mortgage from the bank. My income wasn’t particularly high, and I was looking to buy in an expensive area, but after some negotiation and a bit of luck with falling interest rates, I finally secured a mortgage and got the keys to a new three-bedroom flat.

My boyfriend moved in and helped with the utilities, but since he was between jobs, we immediately rented out one room. We kept one room for ourselves and one for an office/guestroom. After a few months, we realized we rarely used the second room and were missing out on significant rental income.

In our area, a room rents for $750 or more, which is a substantial amount. With that additional income, we could do much more each month. The convenience of having an extra room became less appealing when we considered the financial trade-off. We decided to rent out the room and found an exchange student who wanted it for a month. That trial period went well, and we appreciated the extra cash, so we continued renting out the room.

Eventually, I moved out of the flat, and now, all three rooms are rented out. I’ve been fortunate that my biggest issue has been minor disagreements between tenants, and I haven’t had any serious problems with unpaid rent.

Renting out my flat felt natural because I had always either lived with roommates or in very small apartments. Sharing the space wasn’t an issue for me. Being the landlord gave me more control over house matters and the ability to remove tenants if necessary, something I had wished for with previous roommates.