First Propert Purchase (Triplex) - Nerves & Worries

[Tyler Coleman]

Hey Everyone,

First and foremost, just want to thank everyone on this platform as well as those who work at Bigger Pockets. I have been contemplating purchasing an investment property for the last three years and after learning so much from this platform and various BP podcasts, I’ve decided to take action.

I’ve recently purchased a Triplex with Québec, Canada and am mixed with both excitement and nervousness with this new venture. I understand that I have learned everything I could from theory, now it is time to learn based on experience and action but was wondering as to what advice you would give to brand new landlords? (I will be living in one of the units)

Just to provide some insight on my situation, I am 25 years old, I currently work out out town and about 3 hours away from the property I just purchased. I work 12-14 hour shifts from 11am-midnight Monday-Saturday so I am never readily accessible for issues that come up. Luckily I have family (my mother) who has agreed to take emergency calls if tenants are unable to get in touch with me. I am also unable to take time off while working on a contract and have (practically) no control of my work schedule.

I’m currently in the process of building my “team” within that area; plumbers, electricians, handymen, etc in case anything goes astray, I know who to call.

At the moment I feel anxious about the whole thing, as it is a new experience, but feel as though I may be overthinking it and it will turn out better than what I am fearing. On the other side of that coin however, I am not being naive in thinking that this will be a walk in the park and I will not need to pay attention or do any work. Any and all advice you could provide to new landlords, or past experiences from your first property, would be greatly appreciated. If you would also like to know more about me or my situation in order to tailor your advice more specifically, please feel free to ask me. Thank you I advance!

Best regards,

Tyler

[Nathan Gesner]

The first thing you should do is educate yourself on how to manage what you've got. Have you read any books on being a Landlord? "Managing Rental Properties" by Heather and Brandon Turner would be a good start. As you read through it, make a list of things you may encounter as a Landlord: marketing, signing a lease, late rent, eviction, Tenant wants to add/remove someone or a pet, early termination, normal termination, move out inspections, ordinary inspections, dealing with a security deposit, etc. After you've made the list, prioritize based on which is most likely to occur first, then start educating yourself and developing a plan on how to deal with it. Doing this while you read the book will help you think it through and develop a plan as you go. If you read the forums, most people do not think about a problem until it's staring them in the face, and then they're panicked because they aren't prepared.