First rental offer excepted...now what?

[Jim Ray]

We had our offer excepted yesterday on our first rental. What was one thing you wish someone had told you on your first rental?

[Kenneth Garrett]

@Jim Ray

Evaluating the condition of the property is key. You don't want to have a property that eats you up on repairs. Home inspector, contractor, etc to evaluate if you don't have those skills. I like the BRRRR projects because it forces me to update almost everything which then reduces repair expenses and gets you higher rents, plus better tenants. Don't forget the forced appreciation.