22 Unforgettable Experiences From My First Rental Property

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1. The thrill of excitement when I finally found a deal worth pursuing.

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2. Doing my initial walk-through and realizing the property needed a lot of “updating”.

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Source: ebaumsworld.com

3. The only thought that went through my mind when the seller kept bragging about what a “cash cow” the property was.

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4. When I sent the seller a low-ball offer, and they accepted it.

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5. When I finally got my loan approval from the bank.

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6. When I was signing closing documents at the title company, and the seller walked in the room.

when i'm at the closing table getting an awesome deal and the sellers walk into the room
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7. Walking out of the title company with my agent.

8. Meeting my tenants for the first time and seeing their response when I asked, “Can I expect to receive your rent on the 1st of each month?”

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9. One month after closing, and the furnace needed to be replaced.

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10. My feeling of elation when the first rent check came in.

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11. Showing the first rent check to my wife.

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12. Realizing our tenants didn’t really care about our “No Pets, No Smoking” policy.

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13. My response whenever a tenant started explaining why they missed their payment.

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14. When my property manager asked if I’d like to set up direct deposit into my checking account.

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15. Visiting my property after a tenant got evicted and realizing I need to be prepared for ANYTHING.

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16. Seeing a good tenant move away.

how i feel whenever a good tenant moves away
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17. Seeing a bad tenant move away.

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18. The first month I didn’t bring in enough revenue to cover my expenses.

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19. How it feels to have a vacant rental property with an ongoing mortgage payment.

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Source: ebaumsworld.com

20. Getting my first annual property tax bill and realizing I had slightly underestimated this particular cost.

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Source: ebaumsworld.com

21. Listening to my CPA explain the amendments to the IRS tax code pertaining to rental real estate held by an LLC.

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22. When I finally saved up enough cash to buy my next rental property, and my Realtor sent me 5 new listings to look at.

ready to buy
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About Author

Seth Williams (@retipsterseth , G+) is an experienced land investor, commercial real estate banker and residential income property owner. He is also the Founder of REtipster.com - a real estate investing blog providing real world guidance for part time real estate investors.

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