I did it! I purchased my first property

Member since 2020 · 63 posts · 31 votes

The sellers accepted my offer yesterday for a small duplex in NC. I m NOW more nervous than I was. I have run the numbers ad nauseum and it works. Stressed tested it, now to stress test me!

I have a friend that takes beautiful pictures of properties, I remarked to her, I want to live in every one of her properties ( she sells real estate). She will be taking the pictures for my rental.

I am buying some software for managing my propertie(s), as I am looking at my second property , making an offer, close to closing on this property.

I called a guy I know in the area, asked for his handyman and lawn guy.

This weekend after getting the Christmas decorations down, I will sit down with the hubs and try to define some SOPs for my new venture.

keep pounding my friends

Charlotte

16 Reply

396 views

Most Popular Reply

Diego AlvaradoBusiness Member

Real Estate Agent · Flower Mound, TX · Member since 2016 · 298 posts · 140 votes

10mo

Hi @Charlotte Goodman

Congratulations on you first deal!!!

Make sure that you get to the finish line though. Deals are not done until you sign the final papers 😁

I use stessa.com to manage my rentals and I don't pay anything. I wouldn't recommend to pay for a software. I use the free version of stessa.com and payments are managed using apartments.com

The first recommended is to get setup with the screening process, selecting a tenant is the most important task. Don't rush and be diligent if your gut says no, then don't do it and keep waiting.

Best of luck

[email protected]214-833-8911

Alvarado Realty Group522 Reviews

Website View Page

3 Reply

See this reply in the discussion

13 Replies

Jump to latestLatest

Sort by

Kenneth GarrettPro Member
Investor · Florida Panhandle/Illinois · Member since 2016 · 4k+ posts · 3k+ votes
10mo
@Vespa Trixie
I would not buy any software for rental property unless you have many properties. You can do the same with a simple spread sheet. I had 20 rental buildings at one time and I managed by using excel. Maybe I am just super cost conscience, but I don’t see the advantage. I also self manage. It’s not that difficult provided you are skillful at selecting good tenants.
Best of Luck.
3 Reply
- Joe VilleneuvePro Member
  Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
  10mo
  Quote from @Kenneth Garrett:
  
  @Vespa Trixie
  I would not buy any software for rental property unless you have many properties. You can do the same with a simple spread sheet. I had 20 rental buildings at one time and I managed by using excel. Maybe I am just super cost conscience, but I don’t see the advantage. I also self manage. It’s not that difficult provided you are skillful at selecting good tenants.
  Best of Luck.
  I agree, up to a point. If you only want to own a few (less than 4) then you don't need software. If your goal is more than that, buy the software now so you don't need to take all of your hand management on the first properties, and input them into the software after the fact.
  1 Reply
- Allison Park
  Member since 2024 · 158 posts · 88 votes
  10mo
  I only have a few and use Innago for free. I think Zillow offers free software too. I find it much better than a spreadsheet. You can collect rent payments and e-sign leases.
  2 Reply
Diego AlvaradoBusiness Member
Real Estate Agent · Flower Mound, TX · Member since 2016 · 298 posts · 140 votes
10mo
Hi @Charlotte Goodman
Congratulations on you first deal!!!
Make sure that you get to the finish line though. Deals are not done until you sign the final papers 😁
I use stessa.com to manage my rentals and I don't pay anything. I wouldn't recommend to pay for a software. I use the free version of stessa.com and payments are managed using apartments.com
The first recommended is to get setup with the screening process, selecting a tenant is the most important task. Don't rush and be diligent if your gut says no, then don't do it and keep waiting.
Best of luck
[email protected]214-833-8911
Alvarado Realty Group522 Reviews
Website View Page
3 Reply
Peter MckernanBusiness Member
Residential Real Estate Agent · Irvine, CA · Member since 2013 · 2k+ posts · 1k+ votes
10mo
Congrats!! That is awesome!
There are a lot of hurtles to get through as you go through escrow. So make sure that you finish this up and then start working on managing the property. You do not need PM software, you can do it with ease with a lot of other apps that give you the ability to collect rent and send late fees out etc. Good luck!!
The McKernan Group4.957 Reviews
Website View Page
2 Reply
Joe S.Pro Member
Investor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes
10mo
Quote from @Charlotte Goodman:

The sellers accepted my offer yesterday for a small duplex in NC. I m NOW more nervous than I was. I have run the numbers ad nauseum and it works. Stressed tested it, now to stress test me!
I have a friend that takes beautiful pictures of properties, I remarked to her, I want to live in every one of her properties ( she sells real estate). She will be taking the pictures for my rental.
I am buying some software for managing my propertie(s), as I am looking at my second property , making an offer, close to closing on this property.
I called a guy I know in the area, asked for his handyman and lawn guy.
This weekend after getting the Christmas decorations down, I will sit down with the hubs and try to define some SOPs for my new venture.
keep pounding my friends
Charlotte

The sellers accepted my offer yesterday

There is a big difference between having a property under contract and actually purchasing your first property. Congratulations on taking the step of getting it under contract though.

2 Reply
Steve K.
Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes
10mo
Make sure to keep in close dialogue with your lender before making an offer on the 2nd property, while you are under contract on the 1st.... unless you are paying cash for both of course.
1 Reply
Nadeem Alamgir
Real Estate Agent · Member since 2023 · 831 posts · 577 votes
10mo
Nicee! @Charlotte Goodman
Best of luck in closing that one out and building up your portfolio,
0 Reply
Mark Cruse
Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes
10mo
Congratulations. There is so much experience here where you can run any scenario by. As a suggestion, I'd get through the first one, get it settled and have some degree of experience running it before diving into another. It's not a sprint; this is about the long game. There is no rush. Either way, you should be proud because there are thousands who are too scared to make that first move.
1 Reply
Alton WarrenPro Member
New to Real Estate · Arlington Tx · Member since 2025 · 20 posts · 19 votes
10mo
CONGRATS!!!!!!
I am still working on my first. Was turned down by a couple of sellers. Rejection has never felt so goooooood. I think i'm more nervous about a yes than an no. Best of luck to you.
0 Reply
Sandra Morrison
Investor · Cincinnati/Fort Thomas, KY · Member since 2015 · 207 posts · 183 votes
10mo
I am always stressed after I buy a property but I know from experience it is always fine but I still stress. I also know after a couple of years, I am always wishing I had bought more at that time.
0 Reply
Sherry McQuageBusiness Member
Real Estate Broker · Moore County, NC · Member since 2020 · 169 posts · 141 votes
10mo
Congratulations! You will learn sooo much with the first one or two properties you buy. Go online and see what "competition" properties are renting for, how they're decorated, etc. Best to you!
1 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.