Hi forum members. I'm a newbie here. I just bought my first rental in the Tampa, FL area. I've wanted to do this years ago and then '08 hit and curtailed my plans. I put 20k down and don't expect to make a boat load of money month to month. Just thinking in the long term. I have a great agent and a great friend who's experienced and very willing to give advice but damn, I'm a little shaky about the whole thing. I'm hoping to get on solid ground with the first one and then go after another one in a year or less.
Rental Property Investor · IL · Member since 2017 · 100 posts · 51 votes
8y
@Stanley Cole welcome to BP and congrats on doing your first deal!
I echo what Alan said, finding good tenants could make or break you when you're first getting started. Make sure to screen them (credit/criminal checks and references) and make sure they can afford the rent.
If I was just getting started, this is what I would recommend doing:
Dallas, TX · Member since 2018 · 40 posts · 15 votes
8y
The more cash you put down on the purchase, the more likely you are to have a positive cash flow each month. If you dont want to deal with the stress of it then maybe look into getting a property manager? Otherwise, if you do a good job of screening your tenants the whole ordeal will tend to work itself out with minimal daily input on your end.
Rental Property Investor · IL · Member since 2017 · 100 posts · 51 votes
8y
@Stanley Cole welcome to BP and congrats on doing your first deal!
I echo what Alan said, finding good tenants could make or break you when you're first getting started. Make sure to screen them (credit/criminal checks and references) and make sure they can afford the rent.
If I was just getting started, this is what I would recommend doing:
Greenwich, CT · Member since 2017 · 15 posts · 2 votes
8y
Hi Stanley- I also just purchased my first multi family in tampa and I live all the way up in CT . I broke even my first month so im definitely nervous and hoping it works out
Hi Stanley- I also just purchased my first multi family in tampa and I live all the way up in CT . I broke even my first month so im definitely nervous and hoping it works out
Wow, I bought in Tampa also. I live in NY and I work in Stamford. I hope it all works out well for you. Please keep me posted on your progress. Maybe we could have lunch one day and share knowledge.
Tampa, FL · Member since 2017 · 23 posts · 11 votes
8y
What's up, everyone!
First, congrats @Stanley Cole! Good luck with the property, and since you're in Tampa, let's connect!
@Andrew Fredrickson, Quick question for you...when you say "Engage more on the BP forums," as a newer and inexperienced investor, I have a hard time feeling like I can contribute much to a post, and I don't always want to pose questions. Do have any advice on how to be more engaging?
Setup keyword alerts for your local area. Reach out to the members in these threads and see if they would like to connect.
Teaching others in one of the best ways to learn a subject better yourself. Do a quick forum search on something you want to learn more about, take a couple hours or days to do research, and then share what you've learned with others that have questions about the same thing.
Investor · Holiday, FL · Member since 2018 · 63 posts · 15 votes
8y
@Andrew Fredrickson, great advise and thank you from my wife, Dee amd myself. We are also newer to BP and working on our 1st duplex with the plan to set up long term retirement benefits, as we are in our late 40s.