Because I feel better owning property. Property is real. Property is an actual possession. Property can be lived in, touched, worked on with my two hands. And I enjoy working with my hands more than working with my brain. I’m primitive that way.

Index funds are dependent on the management of Wall Street scum that I don’t personally know and don’t trust (see also: Madoff). I like the control of real estate. It makes me feel safe to own multiple roofs.

*I* pick the tenants.
*I* pick the property.
*I* decide how to fix the property.
*I* can always live in the property if worse comes to worse.

It satisfies the selfish little kid in me to hoard physical possessions — kind of like the Kindergartener who wants all of the toys and woe to anyone who asks him to care and share.

Also, crashed property yields 8% or more, not 4-5%. In rents, not Monopoly money.