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Updated almost 6 years ago,

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Where to start as a Landlord?

Posted

Hi Everyone.  I'm new to bigger pockets and new to the world of landlording.  I'm a little stumped on where to begin as I have 0 experience in this area but am a homeowner so I guess that's a start.  I'll quickly explain the situation:  I'm pretty lucky b/c my dad has helped me invest most of my income from the ages of 16 - now (35) in 2 multi-family apartments in Queens NY (1 6 family, 1 4 family).  He's been taking care of them for approximately the past 8 years and now it's time for me to take over.  On the downside I have a full time career as a teacher and run a full time business which eats up about 65-70 hours per week (I know, wah wah, cry me a river).  Although my dad's a great guy he is not a good teacher in passing off these buildings to me and simply said "it's easy just collect rent and pay bills."  Although that sounds easy I know it's going to be much more time consuming than that.  Although I have obligations from my career and business I am excited about this new step in my life but want to slowly transition into becoming the landlord of these apartments in the most successful way possible.  Any suggestions/feedback/ideas/stories of similar situations would be helpful and appreciated.  Thanks in advance and I'm looking forward to being a part of the community.

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