In today's video, I'm going to walk you through eight common mistakes that are easy to avoid when you buy your first rental property.

I'm a CPA, attorney, and real estate investor.

I've done over 10,000 consultations with clients over the last 20 years from all sorts of walks of life, starting small businesses and buying rental properties. And I, too,

I'm a rental property owner. I have commercial property, industrial, short-term rentals, long-term

rentals, and even Airbnb. And you know what? Day after day, I see clients make the same mistakes

when they buy their first rental property, and it's in the tax and legal space. They learn all

these great reasons to buy a rental property and how and why and when,

but on day two, they ask themselves, do I need an LLC?

How do I report this how many taxes?

Do I need bookkeeping?

And these mistakes make the difference between making money and losing money.

And the hard part is this information is hard to come by because the same people

teaching why to buy real estate, they don't touch this. It scares them. They're not a lawyer or

CPA. They're trying to help people buy the real estate and then send them out into the crazy

world and it's a jungle. But not here. I'm going to give you those answers right now. So today,

I'm going to walk you through each right now. So today, I'm going to walk you through

each one of these common mistakes and help you avoid them so that you can be successful with that

first rental. Number one, not tracking your expenses the minute you decide to buy that first rental

property because those are going to be classified as startup costs. Any expense you incur

in the finding, locating, purchasing, even some of the education you might be getting to buy

that first rental property. I want you tracking your expenses. Now why? They're going to be a ride

off down the road, which saves you money, which makes your project profitable. So what you're going to

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