First Property! What’s something you don’t hear discussed often enough?

[Seth Singer]

Hey Everyone,

I'm 20 years old and excited to be closing on my first rental property on 1/31! It's a small single-family home in Florida that I plan to BRRRR. The property is a cosmetic flip, needing cleaning, floor refinishing, and interior painting. Fortunately, all major capex are in great shape (roof: 5 years, AC: 3 years, siding: 6 years).

I just wanted to say a big thank you to the BiggerPockets community! From podcasts to forums, you’ve all helped me learn, save, and build the confidence to take this step.

That said, I’m reaching out to ask for advice. I feel like I have a strong grasp of the general knowledge needed for a first property, but I’d love to hear something different. What’s one piece of advice you wish you had when starting out? Or, what’s something you don’t hear discussed often that could help me avoid common pitfalls?

For those curious about the numbers:

• Purchase Price: $95,000
• Renovation Costs: ~$4,000
• ARV: ~$140,000
• Expected Rent: ~$1,500

Thank you again for being an incredible resource. I can’t wait to share updates as I start this journey!

[Gregory Schwartz]

Congrats! Thats a solid deal!

If you're in it for the long run you'll learn that management makes a good investment into a great investment. I didn't put enough emphasis on these early on;
1. Quality of the tenants
2. Not accepting lease violations
3. Turning the property quickly (you have to run it like an F1 pit crew)
4. Avoiding accessive PM fees (personally I recommend most people self-manage)

These will eat away at your ROI. The difference between a 12% return and a 16% return compounded over 20 years will make you sick to your stomach.