New Investor Best Practices

[Account Closed]

Hi all,

I'm in the works of purchasing my first investment property. I'm wondering what the next steps should be, in terms of best practices.

For example, I'm assuming I should set up a separate bank account for my rental property and keep everything separate. 

Is there anything you wish you would have done from the beginning that you didn't? 

Thanks in advance,

Nicole

[Katie Stewart]

I personally would recommend making sure you know your state's landlord-tenant laws, Fair Housing laws, creating a set rental criteria, and making sure you screen your tenants thoroughly! On top of using a screening service, I'd recommend taking a look at tenants' social media accounts and walking them to their car after you've shown them your property. If their car is a disaster, it can reflect how they will treat your property. Looking forward to reading about your investing journey!