Currently closing on my first deal

[Eric H.]

Feel very excited but also a little nervous! Closing on a Single family home in Dayton Ohio and using a property management company. Does anyone have any advice that they wish they had for their first deal? Is there any software I should buy to track revenue and expenses or will a spreadsheet suffice?

[Stacey Paulin]

Congratulations on your first deal! It's so exciting when you finally make the leap from dreamer to investor.

If I could impart some advice, I'd say learn how to manage your property manager well. Just because you hired them doesn't mean you shouldn't be intimately involved with your investment. Speak with them regularly and check in on how things are going. If you live near your rental, drive by periodically and see how well the tenants are taking care of things. Report concerns to your PM and follow through to make sure things get done in a timely manner. 

Get organized. I'm not a spreadsheet person, but I make face sheets for all my units: year built, beds and baths, loan amount and with what bank/mortgage company, insurance premium, etc. As you buy more properties these details tend to get muddy.  Keep receipts of repairs, expenses, supplies, etc. Start running things like a business. It makes things so much easier. Treat your tenants well and they often will treat you and your investment well. 

Congratulations again, and keep the momentum going!