Closing on my FIRST building....
Hey BPers
I am scheduled to close on my first 4 unit building in the next week. I have been planning and saving for what seems like a lifetime to buy my first investment and now that it is happening I'm so nervous!!!!
I would like to know what is the best way to organize my files/system to keep track of my rentals.
Will I want to open one bank account for my complete portfolio or separate accounts for each unit/building?
Do I start a property management company (LLC) and have the rent and security deposit held in a business account under PM LLC? Or do I open personal checking and savings accounts for rent and security deposits?
Do I send a letter or knock on doors to inform tenants about how/who/where to pay rent?
@Brandon Turner help me!!! AND other experienced investors!!! What can I expect and how can I plan to get organized!?