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