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You just don’t know those people. Also they don’t all brag about it. I just learned my BIL ownes 5 rentals now and is looking at more. He also has a good day job, but he wants to transition into pandlordong full time. I know many many people like this in So cal as a construction worker.
Yes, you learned that one person has 5 rentals - that’s one more person. That’s why I said these people exist, but in small numbers.
A vast majority of apartments is controlled by large corpos.