{"id":52699,"date":"2014-01-11T08:00:27","date_gmt":"2014-01-11T15:00:27","guid":{"rendered":"https:\/\/www.biggerpockets.com\/renewsblog\/?p=52699"},"modified":"2024-01-27T10:17:31","modified_gmt":"2024-01-27T17:17:31","slug":"2014-01-11-buying-first-rental-property","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/2014-01-11-buying-first-rental-property","title":{"rendered":"22 Unforgettable Experiences From My First Rental Property"},"content":{"rendered":"

1. The thrill of excitement when I finally found a deal worth pursuing.<\/h2>\n
\"\"<\/span><\/address>\n
Source: plus.google.com<\/span><\/a><\/span><\/address>\n

2. Doing my initial walk-through and realizing the property needed a lot of “updating”.<\/h2>\n
\"83493001\"<\/span><\/address>\n
Source:\u00a0ebaumsworld.com<\/span><\/a><\/span><\/address>\n

3. The only thought that went through my mind when the seller kept bragging about what a “cash cow” the property was.<\/h2>\n
\"\"<\/span><\/address>\n
Source:\u00a0ReactionGIFs.us<\/span><\/a><\/span><\/address>\n

4. When I sent the seller a low-ball offer, and they accepted it.<\/h2>\n
\"\"<\/span><\/address>\n
Source: plus.google.com<\/span><\/a><\/span><\/address>\n

5. When I finally got my loan approval from the bank.<\/h2>\n
\"83518461\"<\/span><\/address>\n
Source:\u00a0ebaumsworld.com<\/span><\/a><\/span><\/address>\n

6. When I was signing closing documents at the title company, and the seller walked in the room.<\/h2>\n
\"when<\/span><\/address>\n
Source:\u00a0ebaumsworld.com<\/span><\/a><\/span><\/address>\n

7. Walking out of the title company with my agent.<\/h2>\n

\"\"<\/p>\n

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?”<\/em><\/h2>\n
\"83689440\"<\/span><\/address>\n
Source:\u00a0ebaumsworld.com<\/span><\/a><\/span><\/address>\n

9. One month after closing, and the furnace needed to be replaced.<\/h2>\n
\"\"<\/span><\/address>\n
Source:\u00a0imgur.com<\/span><\/a><\/span><\/address>\n

10. My feeling of elation when the first rent check came in.<\/h2>\n
\"Qnx4k2Q\"<\/span><\/address>\n
Source:\u00a0i.imgur.com<\/span><\/a><\/span><\/address>\n

11. Showing the first rent check to my wife.<\/h2>\n
\"QgDoNFk\"<\/span><\/address>\n
Source:\u00a0imgur.com<\/span><\/a><\/span><\/address>\n

12. Realizing our tenants didn’t really care about our “No Pets, No Smoking” policy.<\/h2>\n
\"funny-face-dog\"<\/span><\/address>\n
Source: ebaumsworld.com<\/span><\/a><\/span><\/address>\n

13. My response whenever a tenant started explaining why they missed their payment.<\/h2>\n
\"v4DDMJg\"<\/span><\/address>\n
Source:\u00a0i.imgur.com<\/span><\/a><\/span><\/address>\n

14. When my property manager asked if I’d like to set up direct deposit into my checking account.<\/h2>\n
\"\"<\/span><\/address>\n
Source:\u00a0i.imgur.com<\/span><\/a><\/span><\/address>\n

15. Visiting my property after a tenant got evicted and realizing\u00a0I need to be prepared for ANYTHING<\/em>.<\/h2>\n
\"\"<\/span><\/address>\n
Source:\u00a0ReactionGifs.com<\/span><\/span><\/address>\n

16. Seeing a good tenant move away.<\/h2>\n
\"how<\/span><\/address>\n
Source:\u00a0ebaumsworld.com<\/span><\/a><\/span><\/address>\n

17. Seeing a bad tenant move away.<\/h2>\n
\"\"<\/span><\/address>\n
Source: REtipster.com<\/span><\/a><\/span><\/address>\n

18. The first month I didn’t bring in enough revenue to cover my expenses.<\/h2>\n
\"mqd4WAA\"<\/span><\/address>\n
Source:\u00a0i.imgur.com<\/span><\/a><\/span><\/address>\n

19. How it feels to have a vacant rental property with an ongoing mortgage payment.<\/h2>\n
\"83689417\"<\/span><\/address>\n
Source: ebaumsworld.com<\/span><\/a><\/span><\/address>\n

20. Getting my first annual property tax bill and realizing I had slightly\u00a0<\/em>underestimated this particular cost.<\/h2>\n
\"83593354\"<\/span><\/address>\n
Source:\u00a0ebaumsworld.com<\/span><\/a><\/span><\/address>\n

21. Listening to my CPA explain the amendments to the IRS tax code pertaining to rental real estate held by an LLC.<\/h2>\n
\"\"<\/address>\n
Source: plus.google.com<\/span><\/a><\/span><\/address>\n

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.<\/h2>\n
\"ready<\/address>\n
Source:\u00a0plus.google.com<\/span><\/a><\/span><\/address>\n","protected":false},"excerpt":{"rendered":"

1. The thrill of excitement when I finally found a deal worth pursuing. Source: plus.google.com 2. Doing my initial walk-through and realizing the property needed a lot of “updating”. Source:\u00a0ebaumsworld.com […]<\/p>\n","protected":false},"author":1295,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20],"tags":[],"class_list":["post-52699","post","type-post","status-publish","format-standard","hentry","category-personal-development"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/52699","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/1295"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=52699"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/52699\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=52699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=52699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=52699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}