Ready to start learning how to prepare for our first rental!

Provo, Utah
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Ready to start learning how to prepare for our first rental!

David McDougal
New to Real Estate · Provo, UT · Member since 2025 · 1 post · 1 vote

Hey ya'll!

We recently bought our first home this year, and although we are a ways out from purchasing our first rental property, I wanted to get a head start and start learning and gain the skills and knowledge we will need when the time comes. Super excited to rub shoulders with you and learn from some of the best in the industry!

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  • Joseph BeilkeBusiness Member
    Real Estate Agent · Palm Coast, FL · Member since 2018 · 363 posts · 243 votes
    11mo

    There is so many great answers I can give you for this questions.   But I think the best answer is.....  Enjoy  being homeowner first and foremost. 

    Many of the skills you will need to learn when it comes to be a rental property owner will come by default of home ownership.  Everything to trouble shooting HVAC drains, to swapping out toilets. Next learn your the community you want to buy your first rental in, go to parks, bars, community events.  Listen conversations and ask simple questions like, "what do you like and dislike about your neighborhood".  By doing this you will slowly learn your demographic and what is and is not important to them.  For example, if you hear time and time again that its some hard to find a place that will let me have a dog.  You just learned that there is a demand for that.  You buy or make rental dog friendly, have a fenced in yard, no carpet.  You charge a higher amount because you can.  

    Lastly, do and don't be like everyone else.  No reason to reinvent the wheel, but stand out!   

    Good luck and welcome to BP

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  • Ashish AcharyaBusiness Member
    CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
    10mo

    Hey David! Great advice above! Congrats on buying your first home. Once you jump into the real estate world, it does become addictive.

    Getting ahead and learning the basics now can save you a lot of headaches later. From a tax perspective, understanding things like depreciation, deductible expenses, proper recordkeeping, and how rental income is taxed will make your first investment property much easier to manage. It also helps to consider the type of rental you want, short-term vs. long-term, and how each decision affects your overall financial picture. Thinking about these things early gives you a strong foundation to make smarter choices and keep more of your money. Lots of opportunities out there.

    If you ever want a simple starter guide on how rental taxes work, I am happy to connect and share it.

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