Closing on my FIRST building....

[Kathleen R.]

Hey BPers 

I am scheduled to close on my first 4 unit building in the next week. I have been planning and saving for what seems like a lifetime to buy my first investment and now that it is happening I'm so nervous!!!! 

I would like to know what is the best way to organize my files/system to keep track of my rentals.

Will I want to open one bank account for my complete portfolio or separate accounts for each unit/building?

Do I start a property management company (LLC) and have the rent and security deposit held in a business account under PM LLC? Or do I open personal checking and savings accounts for rent and security deposits?

Do I send a letter or knock on doors to inform tenants about how/who/where to pay rent? 

@Brandon Turner help me!!! AND other experienced investors!!! What can I expect and how can I plan to get organized!? 

[Alice K.]

@Kathleen R. mentioned.)

Bank: 1 Separate account to cover the entire building. 

LLC: Not necessary for this, I would get really great liability insurance (but ask a true lawyer, as I am not one, unfortunately). Think about that later (I'm not a lawyer, so this isn't legal counsil, but LLC

Next steps: REVIEW those leases! I hope they are ironclad & tenants are good! NOW, review all the laws of Florida. :))

As some mentioned, I would also greet all tenants and hand them a print out with info for payments and contact in case of emergency. I would also be super friendly, as these are your new clients :)

Good luck!!