I am going to provide specific tasks. Others may disagree but I won't get into a debate about them. Every piece of advise here is from personal experience. There are a ton of decisions to be made, and these should be good enough.
1) Get your credit right. You will need this when financing properties. Sign up for MINT.com and CreditKarma.com. Dispute anything bad. Get three credit cards, one for Master Card, Discover, and Visa. Get the cash back cards, not airline miles. You need to apply now so you can start increasing your average age of debt. Stop using debit cards, only use a credit card and pay off monthly. This will increase credit card utilization. Every 6 months, call and request either a credit limit increase or rate reduction. Set your calendar as a reminder. Right out of school consolidate student loans with lowest payment per month possible to help your Loan to Debt ratio.
2) Form an LLC. Make it a single person company. Use an attorney to set it up. I can recommend a local one who usually wont charge you. They just do it so in the future you will choose them to close your deals. This will cost you a couple hundred a year in renewal fees. However, it legitimizes your business, allows you to start branding, logos, marketing materials. It also starts building credit history. Set a reminder on your calendar to open a CHASE INK or some comparable credit card in your company name. You may have to personally guarantee if it has not been 2 years. Use QuickBooks when you start making money. Start a website for property managing. Feel free to check out mine (created by WIX.com)
3) Make a website, standardize an email, start a separate dropbox account, and start savings hyperlinks in your browser. I use three email accounts, property manager, book keeper, and personal. You need Tax, Flood Zone, Property Code enforcement, Sherriff, Evictions, Collections, Closing Attorney, Litigation Attorney, Rent Collection, ... collect forms like applications, property inspections, etc.
4) STUDY: Know these things Insurance Company, how much for deductible, difference between ACV and RC, and how long can they be vacant? Write scenarios and keep a risk log with plans of action or a way to mitigate risk. EXAMPLE: Q) What happens if there is a fire? A) Insurance will cover unless contractor improperly installed electric. Plan) Get permits on every house, never use a GC to hang a fan, replace outlets, or work on the panel. Insure each house. OTHER SCENARIOS: What happens if a pipe freezes, gets vandalized, flood, hail, etc. Go to the KYREIA meetings.
5) Start a materials list. Things you will put in each rental. It should be the same for every house. decide on what's best for you. I use Lowes. Open Excel, write the material name and item# and cost. This is where a mentor could help. They could walk you through creating a scope of work.
My opinion on college is, degrees are good but only if extremely inexpensive. As a midlevel manager with an MBA who has worked in two Fortune 100 companies, the difference between an expensive degree and an inexpensive degree is not enough to justify the cost. If you have kids and a family they can help reduce risk of job loss and life changing events. The big difference is in the networks and relationships you gain along the way.
