Comments on: How I made over $65,000 on my first rental property by doing everything wrong http://www.firstrentalproperty.com/how-i-made-over-65000-on-my-first-rental-property-by-doing-everything-wrong/ Providing knowledge to help you buy your first rental property Sat, 27 Aug 2011 17:31:11 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: Carnival of Money Stories:Just the Facts http://www.firstrentalproperty.com/how-i-made-over-65000-on-my-first-rental-property-by-doing-everything-wrong/comment-page-1/#comment-227 Carnival of Money Stories:Just the Facts Mon, 15 Feb 2010 16:54:33 +0000 http://www.firstrentalproperty.com/?p=197#comment-227 [...] Uttamsingh presents How I made over $65,000 on my first rental property by doing everything wrong posted at First Rental [...] [...] Uttamsingh presents How I made over $65,000 on my first rental property by doing everything wrong posted at First Rental [...]

]]> By: neil http://www.firstrentalproperty.com/how-i-made-over-65000-on-my-first-rental-property-by-doing-everything-wrong/comment-page-1/#comment-149 neil Wed, 27 Jan 2010 04:27:36 +0000 http://www.firstrentalproperty.com/?p=197#comment-149 Hi JP, Thanks for your comment, and I am glad you found the video helpful. Oakville generally is a booming market, so it is good that you are buying there. Whether or not you put in upgrades in the home depends upon your long term objectives with the home. For instance, are you planning on keeping this property as a rental for 3 years, 5 years, or more? What do other similar homes that are rented out look like? For instance, do any of these homes have upgrades? If so, how many, and what was completed? What are the market rents of these properties versus the market rents of properties with no upgrades? In my experience with my Oakville property, I had absolutely no upgrades. The appliances were basic, i had carpet throughout.... absolutely no upgrades were made. To this day, I have made no upgrades to the home. (5 years later). A lot of the home surrounding my rental property were upgraded. As a result, they were able to get a slightly higher monthly rent. Hi JP,
Thanks for your comment, and I am glad you found the video helpful.
Oakville generally is a booming market, so it is good that you are buying there.
Whether or not you put in upgrades in the home depends upon your long term objectives with the home.
For instance, are you planning on keeping this property as a rental for 3 years, 5 years, or more?
What do other similar homes that are rented out look like? For instance, do any of these homes have upgrades? If so, how many, and what was completed?
What are the market rents of these properties versus the market rents of properties with no upgrades?

In my experience with my Oakville property, I had absolutely no upgrades. The appliances were basic, i had carpet throughout…. absolutely no upgrades were made. To this day, I have made no upgrades to the home. (5 years later). A lot of the home surrounding my rental property were upgraded. As a result, they were able to get a slightly higher monthly rent.

]]> By: JP http://www.firstrentalproperty.com/how-i-made-over-65000-on-my-first-rental-property-by-doing-everything-wrong/comment-page-1/#comment-145 JP Wed, 27 Jan 2010 03:11:06 +0000 http://www.firstrentalproperty.com/?p=197#comment-145 I am glad you showed that clip I am planning to purchase a property in oakville as well and I was unsure as to how many upgrades I should invest in. In your experience shoul I keep everything including appliances basic ie white appliances vs stainless steet carpet vs wood... what are your thoughts? I am glad you showed that clip I am planning to purchase a property in oakville as well and I was unsure as to how many upgrades I should invest in. In your experience shoul I keep everything including appliances basic ie white appliances vs stainless steet carpet vs wood… what are your thoughts?

]]> By: 2 big fat reasons I don’t want to be a real estate investor anymore http://www.firstrentalproperty.com/how-i-made-over-65000-on-my-first-rental-property-by-doing-everything-wrong/comment-page-1/#comment-142 2 big fat reasons I don’t want to be a real estate investor anymore Tue, 26 Jan 2010 01:58:52 +0000 http://www.firstrentalproperty.com/?p=197#comment-142 [...] days you feel like an absolute genius, whereas other days you fear that your house of cards just may come crashing down on [...] [...] days you feel like an absolute genius, whereas other days you fear that your house of cards just may come crashing down on [...]

]]> By: neil http://www.firstrentalproperty.com/how-i-made-over-65000-on-my-first-rental-property-by-doing-everything-wrong/comment-page-1/#comment-101 neil Sun, 24 Jan 2010 22:21:03 +0000 http://www.firstrentalproperty.com/?p=197#comment-101 Hi SFaith, You are not alone with your fear. There are many novice and experience real estate investors that have these fears. The fear of the tenants not paying on time is a common fear. This fear can be combated by spending a lot of time screening potential tenants. You are able to mitigate some risk by exercising due diligence here. A rental property can be damaged by tenants, this is true. However, have regular inspections of the home can help to control this risk. If you are managing the properties yourself, you can inspect the home, or if you have a property manager looking after the property, they can do the inspection. Personally, thus far I have been fortunate to have all my tenants pay on time. However, I know that as I expand my portfolio and continue to purchase more properties, I will no doubt encounter some tenants who will be late with their payments. I have had one of my rental properties damaged, but it was minor damage that was easily fixed, and at not too much cost. It was actually the dryer that the tenants had beaten up and damaged. I laughed when I saw the damage, because it was so very random. The horror stories that people hear about tenants damaging properties, does exist, but I believe that they are rare. Part of being a landlord is to foster good relationships with your tenants. If you respect them, chances are that they will share the same respect with you. Much of the relationship between tenant and landlord has to be built with time. Show them you care. Hope this info helps SFaith. Best Regards, Neil. Hi SFaith,

You are not alone with your fear. There are many novice and experience real estate investors that have these fears.
The fear of the tenants not paying on time is a common fear. This fear can be combated by spending a lot of time screening potential tenants. You are able to mitigate some risk by exercising due diligence here. A rental property can be damaged by tenants, this is true. However, have regular inspections of the home can help to control this risk. If you are managing the properties yourself, you can inspect the home, or if you have a property manager looking after the property, they can do the inspection.
Personally, thus far I have been fortunate to have all my tenants pay on time. However, I know that as I expand my portfolio and continue to purchase more properties, I will no doubt encounter some tenants who will be late with their payments.
I have had one of my rental properties damaged, but it was minor damage that was easily fixed, and at not too much cost. It was actually the dryer that the tenants had beaten up and damaged. I laughed when I saw the damage, because it was so very random.
The horror stories that people hear about tenants damaging properties, does exist, but I believe that they are rare.
Part of being a landlord is to foster good relationships with your tenants. If you respect them, chances are that they will share the same respect with you. Much of the relationship between tenant and landlord has to be built with time. Show them you care.
Hope this info helps SFaith.
Best Regards,
Neil.

]]> By: SFaith http://www.firstrentalproperty.com/how-i-made-over-65000-on-my-first-rental-property-by-doing-everything-wrong/comment-page-1/#comment-93 SFaith Fri, 22 Jan 2010 19:26:10 +0000 http://www.firstrentalproperty.com/?p=197#comment-93 I have never had the nerve to invest in rental property because I am too afraid of having problems with the tenants. Not paying on time, damaging the home,etc. Have you found this to be a problem with your rentals? I have never had the nerve to invest in rental property because I am too afraid of having problems with the tenants. Not paying on time, damaging the home,etc. Have you found this to be a problem with your rentals?

]]> By: neil http://www.firstrentalproperty.com/how-i-made-over-65000-on-my-first-rental-property-by-doing-everything-wrong/comment-page-1/#comment-50 neil Wed, 13 Jan 2010 03:05:38 +0000 http://www.firstrentalproperty.com/?p=197#comment-50 Thanks J-Fed. I appreciate the comment. I like putting myself out there with certain articles, because it shows people that I am being real. All the best. Talk to you soon. Neil. :) Thanks J-Fed. I appreciate the comment.
I like putting myself out there with certain articles, because it shows people that I am being real.
All the best. Talk to you soon.
Neil. :)

]]> By: John http://www.firstrentalproperty.com/how-i-made-over-65000-on-my-first-rental-property-by-doing-everything-wrong/comment-page-1/#comment-47 John Tue, 12 Jan 2010 05:05:28 +0000 http://www.firstrentalproperty.com/?p=197#comment-47 Neil, Great post! Thanks for putting yourself out there. We can all learn from your examples. The first 3 problems may seem like obvious criteria to consider before you buy, but when you're new you really just kinda forget to think of those things. You're too excite and nervous! Keep it up. - J. Fed Neil,
Great post! Thanks for putting yourself out there. We can all learn from your examples. The first 3 problems may seem like obvious criteria to consider before you buy, but when you’re new you really just kinda forget to think of those things. You’re too excite and nervous!

Keep it up.

- J. Fed

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