My First Rental Property

[Michael Fitts]

I closed on my first duplex in August of this year. It's owner occupied so I'll be house hacking. My first tenants moved in today to start the year lease. It was only a few weeks between when I closed on the property and when they moved in. I started showing the unit the day after I closed so that process went rather smoothly. The unit was pretty much turnkey but still needed some work. Like many first time investors I worked late many nights to put finishing touches on things to get the unit rent ready. I missed out on a few events with friends to focus on the house and I wouldn't have it any other way. During those times I was lucky enough to realize that I was doing exactly what I wanted to do. All those hours studying, reading, and learning about REI, finally buying a place, and moving tenants in was a long time coming. I've now gotten the real estate bug and once I've got this place under wraps I'll be excited to start looking for the next one. Just wondering how others felt when they finally got started.

[Luke Carl]

I still feel this way every time. I’m so happy for you! Going out with friends does not create wealth. Make an offer on the next one! 

[Dante Feria]

Congrats @Michael Fitts ! , it felt good right , as you may know put aside rent  money for Tax and insurance if you don’t have an escrow and reserve for any repairs . 

[Wsam Taiym]

@Michael Fitts congratulations! It’s a great feeling. Enjoy the ride.

[Nikki A.]

@Michael Fitts congrats!! My husband and I are looking to invest in our first turnkey property in the next couple months. Super excited to join the landlord club soon!

[Anthony Cannizzaro]

Congrats  @Michael Fitts !!  Your story gives me vigor and courage to continue on in the pursuit of my first rental property.  

[Satish Viswanathan]

Congratulations my friend!!! I have got the REI bug too. Looking at properties in Smoky mountains area. Can't wait to get my first multi property. Best wishes.

[Luke Carl]

@Satish Viswanathan Multi-family in the Smokies is a Hotel. It’s 99.7% tourism. 13 million tourists, 50,000 residents. 

On the other hand a large cabin is also multi-family around here, although you can conventionally finance it as a SFH. If you get a 6-7 bedroom it'll sleep 15-18.

[Satish Viswanathan]

@Lucas Carl  Thanks for your insight.  You have a very impressive investing history.  Looking forward to learning from your experience.  Regards.

[Thomas Dougherty]

Congrats on the duplex! Hope you have an awesome real estate investment journey! 

[James Wise]

Originally posted by @Michael Fitts:

I closed on my first duplex in August of this year. It's owner occupied so I'll be house hacking. My first tenants moved in today to start the year lease. It was only a few weeks between when I closed on the property and when they moved in. I started showing the unit the day after I closed so that process went rather smoothly. The unit was pretty much turnkey but still needed some work. Like many first time investors I worked late many nights to put finishing touches on things to get the unit rent ready. I missed out on a few events with friends to focus on the house and I wouldn't have it any other way. During those times I was lucky enough to realize that I was doing exactly what I wanted to do. All those hours studying, reading, and learning about REI, finally buying a place, and moving tenants in was a long time coming. I've now gotten the real estate bug and once I've got this place under wraps I'll be excited to start looking for the next one. Just wondering how others felt when they finally got started.

 Well done. 1st one is always the hardest. Keep it up brother.

[Brent Paul]

Congratulations on your Journey.  Remember houses multiply.  It's like chips you can't just have 1.