What was your first rental purchase?

[Joshua Morgan]

This year I'm trying to put thoughts into action and buy my first rental property. I've done research, found guidance from successful business people in my area, and have a partner who wants to invest with me (Heard that could be good and bad).

What I'm want to know from the community is what your first rental purchase was? How much did you pay, and what did that mean for you in terms of returns in your area? Was it a successful purchase and what kind of investment criteria did you hold yourself to.

Thanks for your input,

Josh

[Michael Beinetti]

My first rental was as an owner occupant.  It was not intentional to become a landlord in the sense that I knew what I was getting into.  I bought the house for $122,800.  The rent at the time for the upstairs (Boston style duplex) was $630/month, under rented even at that time.  I remember the grief I got from the mother of my tenant when we met and I informed the tenant that I was raising the rent to $700 for the up apt.  The current rents are now $850 down and $1000 up which meets market standard. 

The current market value of the home rests in the $170k range.

My story is more falling into something good and holding on.  I've learned a lot over the years and have continued to expand my portfolio as well as set loftier goals.  There was no criteria that I was operating with at the time.  I really didn't start thinking that way until BP and I grew closer over the last several years. ;-) 

The worst thing you can do is nothing.