Tenant Occupied Small Multi-Family - Landlording & Managing

[Shivam Patel]

Hello,

I just got my first tenant occupied Triplex under contract and the leases don't run out till June 2022. I plan to vacate the two units in the front at least, do some remodel and move in ourselves. The third unit we plan to rent out and manage. This is our first home/property buy and we plan to live in there at least one year to comply with conventional loan and potentially move on and rent the entire property out.

This is my base goal and since I'm new to investing, I'm seeking every and any advise from my Bigger Pockets community during the near future process and managing the tenants, property and remodel. I'll appreciate your pointers on what to look out for now on and best possible path forward.

Many thanks in advance!

[Nathan Gesner]

Make a list of all the potential problems you may face in the next year. Arrange them based on which ones will appear first. Then, start educating yourself and developing a plan for handling that problem. Example:

- Late or unpaid rent
- Tenant not communicative
- Maintenance problem
- Tenant wants to break lease early
- Lease violation

If you decide "Late or unpaid rent" is your most immediate threat, start reading about how others handle this situation. Develop a policy of how you will handle it. Then move on to the next problem.

You can accelerate a lot of this by reading a couple books on the basics of Landlord and by learning your state laws. My favorite recommendation is "Every Landlord's Legal Guide" by NOLO because it includes a ton of practical advice and your State laws.