Strategies for the first rental property.

[Thanh Nguyen]

Hi BP conmunity, I have been reading a lot of posts and books. I have been looking up a lot of properties and finally, I am expecting to put 1 property under a contract very soon and I would like to know about your experiences on how I can manage my first rental in the most effective way in term of the following:

1. Put it under an LLC or my name: I dont have a house, still makin payment on my car, so base on my research, I dont need an LLC because I will have to pay LLC application fee and annual fee, more money to file the tax. So I think I will put the property under my name, and buy an insurance for $1m liability.

2. Since I dont have an LLC, so I will not have a bussiness bank acc, base on my research, I should keep all of the gross money from rental investment in a separate bank acc other than my personal bank acc, so I will open a new bank acc in the same bank or diff bank. What do you think?

Please let me know your comments. I really appreciate it.