[pavlov]

> ‘So this includes all landlords too? If I buy a second house, do it up, and rent it, I am an “investor”?’

Of course. The second house is purely an investment to you.

I don’t imagine anybody particularly loves being a landlord. It’s sometimes messy compared to owning a stock. If you could get a better return with less risk from some other investment, you’d put your money in that instead. But residential real estate in cities happens to have an appealing risk/return profile that’s not directly correlated with stocks, so there are good reasons why both small and large investors buy housing.