First Tenants in Place

[Adam Homan]

I've got my first tenants in place and so far, so good. My real estate investment portfolio has officially started.

[Adam Homan]

I've always wanted to get into rental properties, but never had the guts to jump in until now. My family outgrew this house, so we bought a new one and put this one up for rent. I figured it's either now or never since I already had the house.

The house is a 1500 sqft 3br/2ba ranch with a 2 car attached garage. It was built in the mid 1950s. I lived in it from 2005 until now. I did some remodeling while I lived in it. I purchased it for $119,900 in 2005 and I am getting $1300 per month for it.

@Joe Splitrock, I've never heard of a tax basis value. I am interested in learning more about it. 

@Huy N., I haven't figured an ROI. I already had the house and I got what I think is the max monthly rent out of it. At this point, ROI hasn't really mattered to me. I'm just hoping to break even this first year and learn the rental game.