HELP - Closed on my first multi-family less than 2 hours ago.

[Conor S.]

Hello BP Community -

I closed on my first property ever - 3 family home in Montclair, NJ. Owner occupied.

I will be meeting with the tenants tomorrow morning to introduce and set the standards of the relationship. I am not sure what to say, how to act, what to expect, what to bring, what to wear, how to set rules or even what time to meet. Any thoughts on these?

All three apartments are occupied. The middle floor was sent an eviction notice on 6/20 with removal from premise on 7/20. I think 30 days is a quick turn-a-round for someone who has been living there for 8 years. I have the ability to give her an extra 30 days if she needs it, but don't want her taking advantage. The previous seller noted how much of a pain she has been. Any thoughts on this?

Any and all advice, thoughts, inspiration, ideas, etc. would be greatly appreciated.

I am excited to be apart of BP community and to officially be a landlord (I think?).

Thanks for taking the time to read.

Many Thanks,

-Conor

[Darren Sager]

@Conor S.  My only advice to you, since you're new at this, is that it's better to say far less than too much.  You may say something that could get you in trouble.  You might make a verbal contract without realizing it (valid in NJ) so I would read over the existing leases (with them), let them know you're honoring them (which you have to by law) and just make sure you have a good understanding of who's living there, what their contact info is, including cell and emails, and leave.  Don't tell them any of your plans.  Don't tell them anything you might do.  Just review, confirm, and go away.