The 3 Mistakes People Make With Their First Rental

The first rental I ever did was a small house in Mesa. I thought I'd make about $30,000 on it. I lost about $20,000. Here's what happened, the three mistakes that get a lot of people on their first rental, the math most people skip, and what I'm doing differently on the next one. 0:00 My first rental 0:25 Where I'm at 0:46 What happened in Mesa 1:42 Mistake 1: Confusing rent with income 4:24 Mistake 2: Skipping reserves 5:29 Mistake 3: Picking one because you like it 6:20 What actually makes rentals work 6:56 Taking the L 7:27 What I'm still working on 7:39 What to do this week The numbers in the video are round numbers on a made-up house to show the math: $350,000 with 25% down, $262,500 borrowed at 7% for 30 years, renting for $2,400, with taxes and insurance at $450 a month, vacancy and maintenance at 8% of rent each and big replacements at 5%. Run your own numbers on the actual property in front of you. I'm not a lender or a CPA, and this isn't financial advice. Substack: https://substack.com/@shanevanhuizen Website: https://www.svhrealtor.com/ Instagram: @ShaneVH Shane Van Huizen #RealEstateInvesting #RentalProperty #FirstRental