22 Unforgettable Experiences From My First Rental Property

In This Article

1. The thrill of excitement when I finally found a deal worth pursuing.

Source: plus.google.com

2. Doing my initial walk-through and realizing the property needed a lot of “updating”.

Source: ebaumsworld.com

3. The only thought that went through my mind when the seller kept bragging about what a “cash cow” the property was.

Source: ReactionGIFs.us

4. When I sent the seller a low-ball offer, and they accepted it.

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5. When I finally got my loan approval from the bank.

Source: ebaumsworld.com

6. When I was signing closing documents at the title company, and the seller walked in the room.

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7. Walking out of the title company with my agent.

8. Meeting my tenants for the first time and seeing their response when I asked, “Can I expect to receive your rent on the 1st of each month?”

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9. One month after closing, and the furnace needed to be replaced.

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10. My feeling of elation when the first rent check came in.

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11. Showing the first rent check to my wife.

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12. Realizing our tenants didn’t really care about our “No Pets, No Smoking” policy.

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13. My response whenever a tenant started explaining why they missed their payment.

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14. When my property manager asked if I’d like to set up direct deposit into my checking account.

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15. Visiting my property after a tenant got evicted and realizing I need to be prepared for ANYTHING.

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16. Seeing a good tenant move away.

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17. Seeing a bad tenant move away.

Source: REtipster.com

18. The first month I didn’t bring in enough revenue to cover my expenses.

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19. How it feels to have a vacant rental property with an ongoing mortgage payment.

Source: ebaumsworld.com

20. Getting my first annual property tax bill and realizing I had slightly underestimated this particular cost.

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21. Listening to my CPA explain the amendments to the IRS tax code pertaining to rental real estate held by an LLC.

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22. When I finally saved up enough cash to buy my next rental property, and my Realtor sent me 5 new listings to look at.

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Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.