Thinking I wasn't a good landlord
Hi All! I'm new to BP, the podcast, and my BP Pro Membership. I'm so, so grateful to be here! While I search for my first deal, I wanted to say hi and tell you about "the one that got away".
My first home purchase was 2009, I bought a brand new home that had been sitting for about one year during the crash. Orig list: $320k, I offered and they accepted $203k with closing costs.
4 bd, 2.5 ba, 1730 sq.ft.
1418 S 95th St, Tacoma, if you want to look it up.
Fast forward 7 years later (2016). I wanted to live closer to downtown Tacoma and be able to bike / run / walk everywhere!
I bought my current home in 2016 for $255k, conventional loan with 20% down. I was working the Dave Ramsey lifestyle at that time!
I moved and put my first home up for sale yet didn't have an offer I was happy with so rented it out. Not knowing anything about how to be a landlord, I took the first person who applied and said "okay, I'll rent to you". I had a big heart and she had a big sob story ... ha!
You can tell where this is going, right?
Seven months later, I give her cash for keys to gtf out of my home!
Her and her family did more damage to my home in seven months than my son and I had done in seven years.
After booting the horrid tenants out, I put my home up for sale again (2017). I got $282k and still have some of that money in the bank for my next "first home hack" or multi-family.
The biggest lesson I learned was that I was NOT a bad landlord, I just had bad tenants.
It's hard to see how my previous home has now doubled in value, yet I can't live in the past.
What's the biggest lesson you learned on your first home sale, purchase or landlording adventure? I'd love to hear your story!