House Hacking A 4-Unit Property

[Lydia Bohac]

Hi all!

I am getting ready purchase a 4-unit property in Denver -- planning on living in one unit and renting the other 3 to the current tenants for now.  I have two other single family homes in a different state that are rented out.  I am looking for advice on the relationship with being the landlord and living in one of the units.  I have a little landlord experience with the single family homes but since they are in a different state, I feel pretty distant from the day-to-day operations.  What are the conversations like with the new tenants, do they have to know that you are the landlord as well? Any guidance would be great!

Thanks!

Lydia

[Ola Dantis]

I'd say start by making the tenants fill out an estoppel agreement (if you don't have a copy, Google it). 

- Start your relationship with the tenants on a professional basis and kept it that way.
- Make sure that all service requests go through an online portal (tenantcloud.com is a free website/app), never via a call or text. 
- Never accept cash. 

These are a few pointers. 

At the end of the day, I like the philosophy of Fair, but Firm. 

Good luck and congrats on the acquisition! 🎉