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Updated about 5 years ago, 09/21/2019

User Stats

32
Posts
26
Votes
Michael Fitts
Pro Member
  • Rental Property Investor
  • Saratoga Springs, NY
26
Votes |
32
Posts

My First Rental Property

Michael Fitts
Pro Member
  • Rental Property Investor
  • Saratoga Springs, NY
Posted

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.

  • Michael Fitts
  • User Stats

    4,233
    Posts
    5,680
    Votes
    Luke Carl
    Pro Member
    #3 Short-Term & Vacation Rental Discussions Contributor
    • Rental Property Investor
    • Tennessee Florida
    5,680
    Votes |
    4,233
    Posts
    Luke Carl
    Pro Member
    #3 Short-Term & Vacation Rental Discussions Contributor
    • Rental Property Investor
    • Tennessee Florida
    Replied

    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! 

    User Stats

    72
    Posts
    56
    Votes
    Dante Feria
    Pro Member
    • Rental Property Investor
    • Columbus and Jonesboro GA
    56
    Votes |
    72
    Posts
    Dante Feria
    Pro Member
    • Rental Property Investor
    • Columbus and Jonesboro GA
    Replied

    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 . 

  • Dante Feria
  • NREIG  logo
    NREIG
    |
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    User Stats

    12
    Posts
    3
    Votes
    Wsam Taiym
    • Rental Property Investor
    • Chicago, IL
    3
    Votes |
    12
    Posts
    Wsam Taiym
    • Rental Property Investor
    • Chicago, IL
    Replied

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

    User Stats

    10
    Posts
    5
    Votes
    Nikki A.
    • Specialist
    • Columbus, OH
    5
    Votes |
    10
    Posts
    Nikki A.
    • Specialist
    • Columbus, OH
    Replied

    @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!

    User Stats

    18
    Posts
    2
    Votes
    Anthony Cannizzaro
    • Investor
    • 33778
    2
    Votes |
    18
    Posts
    Anthony Cannizzaro
    • Investor
    • 33778
    Replied

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

    User Stats

    8
    Posts
    4
    Votes
    Replied

    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.

    User Stats

    4,233
    Posts
    5,680
    Votes
    Luke Carl
    Pro Member
    #3 Short-Term & Vacation Rental Discussions Contributor
    • Rental Property Investor
    • Tennessee Florida
    5,680
    Votes |
    4,233
    Posts
    Luke Carl
    Pro Member
    #3 Short-Term & Vacation Rental Discussions Contributor
    • Rental Property Investor
    • Tennessee Florida
    Replied

    @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.

    User Stats

    8
    Posts
    4
    Votes
    Replied

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

    User Stats

    135
    Posts
    25
    Votes
    Replied

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

    User Stats

    27,666
    Posts
    18,790
    Votes
    James Wise#1 Ask About A Real Estate Company Contributor
    • Real Estate Broker
    • Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
    18,790
    Votes |
    27,666
    Posts
    James Wise#1 Ask About A Real Estate Company Contributor
    • Real Estate Broker
    • Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
    Replied
    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.

    User Stats

    985
    Posts
    372
    Votes
    Brent Paul
    • Rental Property Investor
    • Shakopee, MN
    372
    Votes |
    985
    Posts
    Brent Paul
    • Rental Property Investor
    • Shakopee, MN
    Replied

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