I've been throwing money into broad spectrum index mutual funds for the last 10 years, and in that time have averaged about 9% annually while investing maybe 20 hours thinking about asset allocation ("my age in bonds"), fees ("as low as possible") and deleting brokerage statements from my email inbox ("I know my worth to the cent already, thanks").

Meanwhile, I have invested at least 50 hours touring houses, applying for loans and trading texts with braindead realtors in December of 2016 alone while trying to buy my family's first home.

From where I stand, real estate is a terrible waste of time, energy and effort. If you want exposure to the asset class (why?!) buy into an MBS mutual fund; if you feel the itch to be a landlord (again, why?!) toss money into a REIT[1]. Do anything, basically, to avoid a large, career limiting[2] asset of uncertain value on your personal balance sheet.

[1] Assumes you live in high COLA area where renting is more sensible than buying. Do your math, I am not an investment advisor, and your situation may be different from mine.

[2] To avoid charges of hypocrisy: I no longer have a career, so I am happy to settle down, buy and customize the hell out of a house.