closing on first rental property - seeking organizational tips!

[Brianna Tardi]

Hi BP.... We are soon closing on our first investment property and decided we will manage it on our own, but now I need your help. I've read and listened to many BP forum/podcast and it seems like we are going to start with utilizing apartments.com, so I'm looking for some advice on tips and tricks to take the next step to market our rental. The little nuances that keep running through my mind are; the best way to keep things organized, do I open a new bank account for this property, do I make a separate email address, did you get professional photos, etc.. maybe I'm overthinking this all.. any tips? If you manage multiple rentals on your own, is there anything you would tell your "younger investor self" now that you wish you did when you started - simply to make your life easier?

[Dan Guenther]

@Brianna Tardi

Congrats on the first deal! If you're anything like me, you are definitely overthinking things. As for marketing, FB market place my top recommendation. Once you post your listing you can join other groups in your area and share the listing there. Legally you will need to keep security deposits in a bank account separate from your personal as mixing business funds with personal funds is called "co-mingling" and not a good practice. You do not however need a separate account for each property, that will depend on how you want to organize your business. 

Depending on the demand in your rental market, I wouldn't worry about paying for professional photos. Just make sure to clean everything up nice and make a clear description of your place and requirements to secure the place (being conscious of fair housing and not to discriminate). 

Good luck, I hope you fill it fast!