1st Rental... Now what?

[Nandy B.]

I close on my 2nd home and 1st rental in 2 days, anxiety (typical buyers' remorse) is settling in... now what?!.  4 weeks ago this was not on my mind and an opportunity presented itself, I seized it,  and now I have a 2nd house. 

I plan on getting a property manager. I have a demanding full-time job and I'm in grad school. 

What should i keep in mind as i go thru this journey?

• taxes - get a CPA?
• property manager - what do i look for?
• etc....

I do plan on joining the local REI club to begin building relationships and gaining more investing knowledge so I won't feel completely lost as I do right now.

Thanks

[Brian Adzadi]

@Nandy B.

Some of my fellow BP members may disagree with what I have to say but I feel since you only have 1 rental property, you don't need a property manager. Shocker, I know.

Yes I know you have a demanding full time job and are in grad school, but to me, you should start looking into a PM when you reach 5 or more units.

Technology has made being a landlord so much easier. You can collect rent through Cash app or Venmo. You can either use your own go to plumber and electrician to be making repairs on the rental or find someone on the yellow pages. At the end of the day, YOU will not have to be the doing those repairs.

As long as the major parts of the rental are in good shape: foundation, roof, HVAC, and plumbing, you should have a peace of mind.

And yes, you should definitely have a CPA.