Updated about 5 years ago on . Most recent reply
First Rental Property Acquired!
I just wanted to say that I am VERY excited my wife and I have officially started our rental property empire! I've been following (more like stalking) BP for close to a year now soaking up information but this is my first post as I'm in desperate need for a place to celebrate our first victory. Most of our family/friends think we're crazy for wanting to go through the "headache" of being landlords and have no idea we're actually serious about buying more.
We turned our previous primary residence: a 3 bedroom, 1 bathroom, 1050 sq ft home into our first rental home and now that we have the initial rent payment in the bank it finally feels real and not just talk about what we are "going to do."
I've spent the last year learning everything I could through podcasts, articles, books, forums, both through BP and elsewhere and to see it finally paying off is a feeling I can't even describe.
From listing the property to signing the lease it took just 2 weeks to find a solid renter. After the mortgage, taxes, and insurance is paid we will be banking $300 a month.
It's a good starting point and I know there's so much more to learn but just wanted to take a moment to shout our first win from the rooftops!
Most Popular Reply
@ Chris Nester
Way to take action and complete your first deal!!!! Congratulations, and I have to ask, what's next?