Narrowing down on First Investment Property! Need help !

[Eric DeVito]

Hello all, so I am closing to getting a 3 unit multi-family house in the Lehigh Valley, PA area. I just have a few questions I am worried about that perhaps someone with more experience can help me with. 

1) I took out a HELCO on  my current home and have $90,000 to play with. I obviously am not using all of that, but just enough for the down payment. That being said, should I pay off the HELCO amount as quick as possible for instance in 10 years or let it just be paid for by income from investment property and let it ride out for full 20 year term? My interest rate is about 5%.

2) I am in need of property management. I have a few companies that were referred to me. What questions should I be asking these companies to see which is best? Also is possible to negotiate the monthly fee?

3) What other things can I be doing to better prepare myself for the closing and once I am officially the owner? I have an offer on a 3 unit that I will be putting in Monday. 

PS: This is out of state rental. I live 1 hour away. NYC TO PA. 

[Account Closed]

My 2 cents.

1) Pay down the HELOC quickly. Having quick access to money can mean everything in a deal.

2) Manage them yourself.  You don't know what you don't know and living an hour away is not that big a deal.  It will force you to setup systems and know what you need out of a management company when you get too big to do it yourself.

3) Research.  If you don't know what your landlord tenant laws are you should.  Get on landlordology and research everything it has.  Read the actual general statues and become familiar with them.  Do you have lease?  Do you have move in packet?  Do you know that you have to give a lead paint disclosure everytime someone moves in?  What are your local laws regarding CO2 and smoke detectors?  are there code enforcement actions on this property?