All Forum Posts by: Jason Dale

Hello everyone,

I have my first rental property already rented and I am looking for the next one, but I'm wondering how everyone manages money? Like day to day income/payments, and what systems are good to get set up? I have always been paycheck to paycheck, so it was kind of easy - set all my bills up to auto pay on payday, the rest is gas and groceries. Now, I have a lot (comparatively) of extra capital in my account, but multiple mortgages to manage. I also cashed out a small investment so I have cash available for the next property down payment, and it's hard to go through and math out each dollar now that there are thousands of them to account for. I am an IT guy so I like things scripted - scheduled bill pay and transfers are great, but I feel like I need a large buffer - in case of late tenant payments or something. 

I do not have an LLC yet, and I have been thinking about getting a second bank account for future rentals (current rental is where we were living previously, and the mortgage is tied to a local bank otherwise I would already have another account).

What do you guys recommend for money management systems or processes? I want to get something set up now before I get lost in a banking nightmare. 

Thanks!

Jason

Took a *long* time to find a worthy primary residence and close, but we finally are officially real estate investors! We closed on the house 2 weeks ago, and tenants moved into the condo yesterday (Door #1). Already have several properties I'm interested in for Door #2. 

My current business plan is to use the BRRRR strategy and to focus on condos in my area with minimal ($2000 or less) reno costs, at least until we have about 5 or so doors. HOA fees cut into cash flow, but also reduce risk. I want to focus on stability and reduced risk for the first few properties, then get less conservative.

Some tips I've learned that I intend to follow:

• All deals should be Win-Win
• If it doesn't cash flow, we won't buy it
• If we wouldn't consider living there ourselves, we won't buy it
• Treat good tenants like royalty
• Expect to spend money on kitchen updating, regardless of purchase condition
• Don't skip tenant screening just to get tenants in right away

I'm sure I will have more questions soon. See you all around the forums!

Thank you, validation means a lot at this stage. I like to research things a lot before committing and I think I have a good chance of not going bankrupt from real estate :)

Hello and welcome! I'm also brand new and also going through all the podcasts, and I'm in New Milford! I don't have much advice to give (yet) but I'm curious, why Nashville? 

Hello all, I'm a new member from New Milford, Connecticut and I'm here to learn more about real estate investing. I'm primarily looking for buy and hold investments. I currently own and condo and we are buying a bigger house with an in-law apartment for my wife's parents. We are keeping the condo and renting it out, we already have several tenants interested. My in-laws are fronting the down payment which makes this possible.We will make about $300 a month from the condo.

I have also started listening to the BP podcast, starting at the beginning and picking any relevant episodes. I have about 50 more to get caught up and I've already learned quite a lot - save 12-13% of income for future repairs; when screening tenants, look at the cleanliness of their car; screening (tenants, contractors, etc) is a skill I will need to learn to be successful; and a few other tips.

Once we have our new house purchase completed and a tenant in the condo, I am open to pursuing further buy and hold investments.

Thanks for reading my intro post!