My First Two Weeks As A Landlord!
HEY GUYS! So I wanted to make this post to help inspire those who are interested in real estate, and also for those who've already made it to look back and smile at the memories I'm sure they have!
I've been a landlord for two weeks now, and I'm already in love with it. The feeling of being a producer, instead of a consumer. The big boss of the show. Its a great feeling guys, and of course there's going to be annoying issues and sacrifice. However, that's what it takes to be successful.
So as some of you may know, I officially closed on my first property on the 12th, two weeks ago. Since then I've had a few tenant encounters and conversations that have jump-started me into my landlording career!
I'll list these in the order I remember them, and not necessarily the order they occurred unless specified. Some are funny, some are problematic, but all are thing's i'm glad I was able to experience!
- I collected the keys from the Seller(prior landlord) and he literally saved every single key over the past 20 years of owning the property. EVERY SINGLE KEY. By the way, I only have 3 units.. Yet over 20 different keys... AND NONE OF THEM ARE MARKED IN ANY WAY.... Ugh!
- I collected Septembers rent from the tenants. My mortgage doesn't begin until November 1st... $$$!!!!!!! So I'll be collecting another months free rent. Straight for repairs and a capex buffer.
- One of my tenants didn't pay rent when I left the notice upon my move in (as seller specified to pay me the when i move in, so rents were past normal due date but no late fee would be issued, obviously.)... I gave him 3 days past my notice to pay and received no response. Printed out my pay or evict, knocked on the door and upon seeing me he brought me into his living room and paid me in cash immediately. I withheld the pay or evict notice. When I left his unit I practically skipped and giggled my way down the stairs.
- Met all of my tenants, gave a brief in-person orientation and handed them my business guidelines and business card. Made a great first impression.
- Got a call from one of my tenants at 10PM informing me he locked himself out of his unit. Luckily, I didn't have work and was able to arrive within the hour and unlock his unit for him. Somehow, amazingly, I was able to open the door on the third key i tried!!!!
- Used part of the rent I collected and paid $379.99 to buy a new heat/cool window unit for a tenant the day they informed me theirs broke.
...And these are just a few things I could remember that happened these past two weeks. I've collected rent, almost had to issue a pay or quit, and made a purchase for a broken appliance. Super excited to see what the future holds for me next with this unit! I imagine in the next 11 months I'll acquire plenty of more experience. Without a doubt I'll be ready to ascend to 10+ units if I keep up at this rate.
So all of you new guys out there who haven't purchased your first property yet. I'm in this now and its not a big deal! Sure, its a huge responsibility, but each and every one of you are capable of handling it and rising to the occasion. The question is, will you?
Cheers!
-Rosston S