Systems, processes, and the fine details that don't get talked about as much

[Brittany Daubner]

Hi BP community,

I will be doing loads of research throughout August to try to solidify my foundation as best I can to start making offers on properties in September. I'd like to start off organized and make sure I'm keeping track of the right information. I have quite a few questions that I hope someone can help with:

- Can anybody share what systems they're using to track things like property address, purchase price, sq ft, bed/bath count, ADU/No ADU, STR, LTR, MTR, repair costs, monthly debt service payment compared to monthly rental income per property, etc.? For example, Excel, Access, or other platforms/programs? Is there something else I should be keeping track of or a general "list"? What general information do CPA's and tax professionals need to best help with tax deductions and filing taxes? Does this depend on the type of REI I'll be doing (STR, MTR, LTR, Seller-finance, etc.)?

- I'd like to keep my portfolio funds separate from my personal accounts. Is anybody able to share what they're comfortable opening an account with ($500, $1,000, $10,000?) as well as a max amount recommended to keep in the account ($100K, $500K, or $1M)? Or any other information that's helpful to lookout for related to this?

- What's the best way to protect my asset and rental income?

- Can someone share an analysis for a "good deal" in today's market versus a "stay away from" deal (for turn-key or cosmetic touch-up properties)? I'm trying to make sure I'm analyzing deals correctly. I use the BP calculators, but how do I know a good deal is a good deal? As long as it cash flows? And then does that depend on the amount of cash flow I'm willing to accept to try and acquire the asset for? Do you calculate the amount of money put into the deal into if it's a good deal (EX: $150K house, $30K down payment, $5,000 renovations, cash flow is $250, would take ~12yrs to receive my ROI)? But what if appreciation exceeds the average market? What is "average appreciation"? Is there a website to find this information?

- What about STRs; How do you know you're pricing it appropriately to stay competitive? What governmental websites are people using to make sure their property is allowed to be an STR?

- Narrowing down your market: How do people choose their markets? Do they start with "Orlando FL" is growing as an interested market, check population growth in the specific city, employment rates and average median income, and then find the property and the do comps for rentals in the area to see if it would support it? Am I overthinking this?

Am I asking the right questions? If not, what should I be looking for? Thanks in advance for any and all feedback! Much appreciated in my research! :)

[Basit Siddiqi]

Use an online storage such as google drive, apple drive, dropbox to save your receipts / invoices.
Use excel or an accounting software such as quickbooks, stessa or xero to help categorize your expenses.

Choosing a market - I would pick an area that you are familiar with, such as an area you live in now, an area you grew up in or went to school at.

Best of luck.