Buying my first rental property felt like a huge step.
At the time, I was excited… but also a little nervous. Buying a property that someone else would live in — and that I’d be responsible for — felt like a big leap.
As a single woman making the decision on my own, I didn’t have someone sitting next to me saying, “Yes, this is definitely the right move.”
Instead, I did a lot of research, ran a lot of numbers, and trusted my instincts.
I also have a friend and a previous boss that invest in rental properties, so I asked them a lot of questions.
I took things from each of their strategies that would work for me. Don’t forget, you don’t have to copy someone else’s strategy, you can create your own.
Looking back now, buying that first rental property was one of the best financial decisions I’ve ever made.
But like most first-time experiences, there were definitely things I learned along the way — some things I did right, and a few things I would approach differently today.
In this post I’m sharing:
- What I did right when buying my first rental property
- What I would do differently if I were starting again
- Lessons I learned as a first-time landlord
If you’re thinking about buying your first rental property, especially as a single woman doing it on your own, hopefully my experience can help you feel a little more confident moving forward.
Buying that first property was both exciting and educational. Some things worked out exactly the way I hoped — and others taught me valuable lessons for the future.
Here’s what I learned.
Buying My First Rental Property: What I Did Right (and What I’d Change)
Real estate investing can be an incredible way to build long-term wealth.
Trust me on this. Investing in real estate is one of the main key factors that helped me quit my 9-5 at 36 and never look back.
And your first property is often where you learn the most.
When I look back at my first rental property today, there are several decisions I’m really glad I made — and a few things I’d tweak if I were starting over.
1. I Ran the Numbers Carefully (and I’m Glad I Did)
Before I bought my first rental property, I spent a lot of time running the numbers.
I wanted to make sure the property would actually make financial sense.
I looked at things like:
- Mortgage payment
- Expected rent
- Property taxes
- Insurance
- HOA Payment
I wanted to know that the property would cash flow and not become a financial burden.
And honestly, that preparation gave me the confidence to move forward.
My boss had the strategy that if he was breaking even, not even making a profit, it was a good investment. I actually agree with that, but for my first rental, I wanted it to be positive cash flow.
It took a bit to get my first renter into the property so I was glad I ran the numbers and had a buffer.
Unexpected things happen with rental properties — repairs, vacancy periods, maintenance — so building extra cushion into the math makes the investment even safer.
But overall, taking the time to understand the financial side of the deal was one of the smartest things I did.
2. I Chose a Neighborhood I Knew Well
Another thing that worked in my favor was location.
My first rental property was actually very close to the townhouse I was living in at the time, so I already knew the area well.
The extremely ironic thing that happened was actually purchasing the property right next door to where I first lived when I moved out of my parents house! I knew the neighborhood VERY well. 🙂
I knew:
- The neighborhood was safe
- People wanted to live there
- Rentals were in demand
- The location was perfect – close the the canyons, freeway, shopping
That familiarity gave me confidence that I wouldn’t struggle to find tenants.
And it turned out to be true — the property has consistently rented well. While it took a bit, I honestly can’t remember if it was 1 or 2 months, but I did have to meet quite a few potential renters before I got it rented.
Once I got it rented, the longest vacancy I’ve had was 30 days (and that was rare). I’ve now owned the property for 11 years.
Looking back, choosing a location I already understood was incredibly helpful. Instead of trying to analyze an unfamiliar area from a distance, I already had a sense of the neighborhood’s reputation and demand.
That said, there is one thing I would consider differently today.
My first rental property was a condo, and while it has worked out well, I sometimes wish I had started with a slightly larger property.
For example, a 4-bedroom house can often produce significantly more rental income than a 2-bedroom condo, even if the mortgage is higher.
Renting out multiple bedrooms simply creates more income potential.
At the time, starting with a condo felt like a safer entry point — but knowing what I know now, I would have jumped into a larger property sooner.
3. I Built an Emergency Fund Before Buying
One thing I’m really glad I did before buying my first rental property was setting aside money for unexpected expenses.
Because here’s the reality:
Things break.
-Appliances fail. (I’ve replaced dryers, water heaters and more.)
-Plumbing needs repair. (Sometimes your tenant breaks the toilet and lets water run down into the kitchen can lights. Yep, that happened.)
-Updates need to happen. (The nicer your rental looks, the higher quality tenants you’re able to get.)
-Something always comes up eventually. (And they usually come in 3s, so be prepared.)
Having money set aside specifically for the property meant those issues felt manageable instead of stressful.
If you’re considering buying your first rental property, I would absolutely recommend having a repair fund ready before you close.
Even if you don’t use it right away, having that financial cushion makes owning rental property much less stressful.
4. I Learned to Be Pickier About Tenants
Tenant screening was one of the areas where I learned the most.
In the beginning, I was probably a little more lenient than I should have been.
When you first start out as a landlord, it’s easy to think:
“I just want someone responsible who pays rent.”
But experience quickly teaches you that tenant quality matters A LOT.
The better the tenant, the better rental property experience you will have.
At one point early on, I actually had to take a tenant to small claims court, which was definitely not an experience I had planned on when I bought my first rental property.
Situations like that teach you quickly that careful screening matters.
Now I pay much closer attention to things like:
- Credit history (650 credit score or higher, no bankruptcies)
- Rental history
- References
- Employment stability
I also like meeting the person in person so I can get a feel for what type of person he/she is. It’s also nice if you can glance in their car to see if it’s clean or not.
Waiting for the right tenant is always worth it.
A good tenant can make owning rental property incredibly smooth, while the wrong one can turn it into a stressful experience.
5. I Wish I Had Learned More About Landlord Laws
Before buying my rental property, I did some research on landlord responsibilities — but there was definitely more to learn.
For example, there are different rules that apply depending on how many properties you own.
Many people don’t realize that if you own fewer than four rental properties, some federal housing requirements don’t apply in the same way they do to large landlords.
For example, certain ADA-related housing rules, such as requirements around service animals, may not apply the same way to smaller landlords.
Understanding these distinctions can be really helpful, especially if you’re managing the property yourself.
If I were starting again today, I would spend more time upfront learning about:
- Landlord–tenant laws in my state
- Fair housing guidelines
- Lease agreements and documentation
I definitely have my renters sign a contract. That contract has gotten more detailed and stricter over time. Rent used to be due on the 5th, then there was a 10% of rent late fee.
I had a tenant that would pay in the middle of the month every month with the late fee. While he always paid, I was nervous he wouldn’t.
I changed the contract to show rent due on the first. If paid after the first, it’s a 10% late fee, plus $10 per day.
Live and learn.
Knowledge makes everything easier when situations arise.
6. I Tested It First — Then Thought Bigger
When I bought my first rental property, I didn’t know yet if I would love being a landlord.
So in a way, it was a test investment.
I wanted to see how the process worked and whether owning rental property was something I wanted to pursue long term.
And honestly — I loved it.
Once I saw how the property performed and how the rental process worked, I realized pretty quickly that I wanted to keep going.
About one year after buying that first rental, I purchased another property.
Then two years later, I bought my 4th property (3 rentals plus the place I lived in).
That first property opened the door to a completely new way of thinking about building wealth.
Looking back, I’m glad I started somewhere — even if it wasn’t the biggest property possible.
7. I Trusted Myself (Even When People Thought I Was Crazy)
One thing I remember very clearly when buying my first rental property was how many opinions people had.
Some people were supportive.
Others thought I was a little crazy.
I was constantly hearing stories about bad tenants, property damage, and nightmare landlord situations.
And while those situations can happen, they’re not the whole story.
If you approach rental property with careful planning and good systems, it can be an incredibly powerful financial tool.
I am living proof of that. Real estate got me exactly what I desired – freedom.
I didn’t have every answer when I bought that first property — but I trusted my research and my instincts enough to move forward.
And today, I’m incredibly glad I did.
Final Thoughts
Buying my first rental property wasn’t perfect — but it was absolutely worth it.
Some decisions I made worked out really well.
Others taught me lessons that helped me become a better real estate investor over time.
If you’re considering buying your first rental property, my biggest advice would be this:
- Run the numbers carefully
- Choose your location wisely
- Screen tenants thoroughly
- Build a repair fund
- Don’t be afraid to start small
You don’t have to have everything figured out to begin.
Sometimes the most important step is simply taking the first one.
FAQ: Buying Your First Rental Property
Is buying a rental property as a single woman a good investment?
It absolutely can be. Rental properties can provide additional income, long-term appreciation, and financial security over time.
Should first-time investors start with a small property?
Many people do. Starting with a smaller property can make the learning process easier before expanding into larger investments. But, if you’re ready, get the larger property.
How do you find good tenants?
Careful tenant screening is key. Reviewing credit history, rental references, and employment stability can help you find responsible renters. I also post in Facebook groups and KSL (like Craigslist).
How much money should you have saved before buying a rental?
It’s smart to have enough for the down payment, closing costs, and a separate repair fund to cover unexpected expenses.
That being said, for my 3rd property, I put down less than a 20% down payment because it was more important for me to get the property (the market was crazy) than have a full 20% down. I paid PMI (private mortgage insurance). It was well worth it for me and I don’t regret it.
