Flopped First Rental

[Daniel Fazio]

One of the things I'm afraid of about buying my first property is not being able to rent it out. Landlords who weren't able to rent a unit out, how did this happen and what have you done differently since then?

[Scott Harper]

Do not be afraid of that. I do not know the spring hill area but I do know Central Florida. If you can price it at the going rate or just under, it wil rent. I believe there is a renter for evey house or a buyer for every house, if priced right. So, buy right that you cover your expenses and get a little cash flow. Screen your people. Do not jump, because you think they are the only ones. I do contracting work for many property managers and am always amazed at how there is someone for every property. There are professionals that like to rent. If it is $500.00 a month or $5000.00 a month, they seem to rent out. However, tenants who rent those luxury homes expect everything to be perfect. I think expenses eat up all of the income.  

I had similar fear but am glad I jumped 15 years ago and bought my first rental.