Greenville, SC starting an LLC and Management Software

[Andrew Ferguson]

Hello all, I am relatively new to BP and in the "planning" phase of my rei career. What are the pros/ cons to starting an LLC to manage my properties from? Also, do you recommend any property management software to track property records and invoices, or do you just use excel or some other tool?

[William E.]

Don't over think it. a lot of people spend too much time trying to figure out what they need to get the process started. 

you need motivation and hopefully a little money in the bank to make you feel safe. 

Other than that, i wouldn't worry about anything besides finding that first good deal. 

check out the podcasts, ask your important questions:

• where do i find a good deal?
• how do i know it is a good deal?
• where do i find money?
• should i start wholesaling or flipping?
• do i need a plan.

This is a choose your own adventure scenario and you're in control. 

with all that said, i'll answer your questions. 

LLC's are handy because they remove the liability from you. the pro's/cons depend on your strategy and niche'. are you planning on wholesaling/flipping/BRRRR/turnkey/apartment/liens/notes/commercial?

property management software is not needed until you need it. excel if fine for the first few houses or so. you are not going to have a lot of data that you need to plug in and analyse when you only have 1-5 properties.

Thoughts?

B