First deal

My plan seemed simple. Buy a house and rent it out. Instead of having my money sitting in bank with 1% the rent would start paying me back hopefully within 10 years. Then I would have all my money and a rental property and maybe I could do it again. I looked at a lot of houses most were out of my budget or needed to much work. I stumbled on a 1 bedroom condo in a good area that was super cheap. I did my research and found out that condos appreciate slower then other real estate but fall just as fast. After the housing crash houses were going up and the condos were lagging behind so I thought it would be a good fit. I ended up buying a foreclosure condo for 13,000 learned a lot with the repairs mainly putting laminate in and how not to replace a toilet supply line. I put about 1,000 into it mainly flooring and paint. I rented it out for 550 fairly quickly that was a plus now I know that it also gained about 17,000 in equity as well. I wasn't a very good landlord back then and did not do a good credit check but the tenant was older and seemed more trustworthy then some so I went with it. It turned out to be a good tenant. I had to pay HOA fee for the condo about 103 then now 113 2 years later. I thought it still made sense since the taxes were way lower then anything in the area and I should get about a 20% ROI. It has been one of my best rentals with the least amount of maintenance but still not a super cash flow deal I may make about 350-400 a month PCF without a mortgage. After renting it it made me excited seeing that I could potentially get another rental in 5 - 7 years and then another in about 3 years with both paying me my money back. I was so excited I red more of Robert's books and it inspired me to use good debt to get more sooner. Yes everything looked good but my current plan would take about 10 years just to have 3 rentals and 1200 in cash flow if I could get loans and get 3 right away then in 7 years I would have 3 paid off rentals and could buy 3 more and have 6 or more rentals in 10 years. Little did I know my next deal would be totally different.