Managing Your First Rental

[Peyton Culberson]

Hi all! I hope you are doing well. 

I am a young and inexperienced landlord looking to see what other landlords are doing for managing their portfolio. I recently househacked my way into my second property, and my first property is now a full time rental on a rent by the room basis. 

Currently, my setup is a separate bank account with it's own debit card to hold deposits, track expenses, and track income. I do not use any software or anything like that and it has worked so far. However, I feel like there is more that I could do, to be more organized. I keep leases in a filing cabinet. 

Is there any suggestions that you have for me to keep the process more organized? Any software I should be using? I know it is only one property that I am managing, and I might be overcomplicating it by adding in software or whatever it might be, but I would appreciate any advice!