New to the forum, Just bought my first rental. Nervous.

12 Replies

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. 

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.

Welcome to the forum!

@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:

All the best!

-Andrew

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 

Originally posted by @Nabeel Kurji :

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. 

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?

@Kevin Galang  

A few suggestions: 

  • Welcome and say hi to new members: https://www.biggerpockets.com/forums/55-new-member-introductions. Many new members are glad to see replies on their posts whether they are from experts or not. 
  • 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. 

Just a couple of ideas.

All the best!

-Andrew

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