Young first time landlord & occupant of a 2 unit multifamily home

[Alex Phlipot]

Hey guys,

I'm a 23 year old about to buy my first property - 2 Unit (2BR 1Bath each) Multifamily, and I keep going back and forth on if I'll need help managing one side while I live in the other.  I realize that it's only one unit (attached to mine nonetheless) and for the price it costs to get professional management, it seems crazy not to be able to handle it yourself.  That being said, I've still had some thoughts...

Mostly, I'm not sure about the basics of how to find good tenants, how to do background checks, knowing if I really need to hire a lawyer for a lease/contract, etc.  I've been looking around, but can't find any solid articles that really break it all down, so any help would be greatly appreciated!  Also, I've wondered about being taken seriously since I am fairly young (and quite frankly I look even younger).  I have no worries about handling myself professionally, but I wonder if anyone would be less inclined to rent from someone young and presumably inexperienced - has anyone ever had/seen issues with this?

Any help would be awesome, thanks!

[Robert Gandy]

@Alex Phlipot, do it yourself. You are getting the property to grow your wealth. Don't give any of it away until you need to. You will learn a lot in the process. Build systems around the one unit that you can apply to multiple units. When you know how you want your properties managed, pass it to a manager who operates similar to your style. 

As far as them not taking you seriously, you are in charge of who gets into that unit. If you know your stuff and don't let them know it is your first time doing it, they will not know. Have your ground rules for being a good neighbor ready for them, and stick to it. You can do it. If you don't make mistakes trying this out, you will not grow. Best of luck!