Systems in place to start?

[Gemma Collins]

Hi!

Total newbie here, currently doing the research analysis piece to find our first deal.

I wanted to ask: what systems do you recommend having in place BEFORE you make that first deal?

I will be setting up an LLC, and I'm in the process of getting my RE license but I'm curious to know if there are things we should have set up prior to making the first deal, or things that can wait until after.

For example:

- do we need our rental management system set up yet (planning to self-manage the first couple of properties) or should we do this once we actually have a property to rent?

If anyone has any recommendations they'd be willing to share, or could point me in the direction of some resources I'd really appreciate it!

[Stephen Brown]

Make sure when you open your LLC that you open a bank account for it and that you separate the rents and deposits into two accounts. I'd recommend using a pm software tool before you even purchase a home and create your files such as your lease and put them in there. Saves you a lot of time. Let me know if you need any suggestions!