Seeking guidance - What to do from 1st to 1st?

Question

Hello BP Community,

I am a newbie to multifamily investing. My property just very recently became fully occupied. I spent so much time getting tenants for the property, and getting them moved in, that I am now curious how to transition my efforts to a fully occupied property. So far, no calls for repairs, so what should I be thinking about and doing to maximize the time I have each month. I don't have a property manager, so I do all of the outside maintenance myself. Would be really grateful for guidance and thoughts on how to be productive between picking up and depositing rents. Thank you in advance.

Nathan Gesner · Answer

Create a maintenance schedule so you don't skip something. Mowing, trimming, fertilizing, pruning, cleaning the hallway, cleaning the laundry, etc.

Schedule at least one inspection per year for each tenant. This will be a detailed inspection of every room, ceiling, floor, plumbing, smoke/CO2 detectors, window treatments and screens, etc. Figure out how to inspect and document, what to do if there's damage or violations, etc.

I could go on. Do yourself a favor: buy "Every Landlord's Legal Guide" by NOLO. Written by attorney investors, it's full of practical advice about the management of investment property, has sample forms that can be edited, and - most importantly - tells you what your primary state laws are and where you can read them. It's updated yearly and is the best $40 you'll spend as a Landlord. You could also read Brandon Turner's book on Managing Rentals, found in the BP bookstore or at Amazon.

Clayton Silva · Answer

Systems, systems, systems.  I would be focusing on cleaning up bookkeeping, communication portal with client, vendor list management, payment processing, etc.  At the same time, it is ok to enjoy the fruits of your labor and relax too!

Joseph Beilke · Answer

Everyone here has giving great advice.  The only thing I don't see is open lines of communication with the tenants.   In my experience some tenants have in the past had bad landlords or property managers.  When something goes wrong or breaks a tenant will just let it be due to past bad experience with repairs/fixes not being done at all or just a bandaged to a bigger problem.  They won't tell you and when it comes time for a turn you have laundry list of small on going issues that could have been addressed much sooner.  I encourage you to make your tenant aware that you want to keep them happy so they pay on time and want to remain in place.  So finding out about little problem sooner and fixing them is key.

Alecia Loveless · Answer

@Glenn Cross Just to help clarify 99% of the time I do not pick up rents or allow them to be dropped off to me. I require electronic payments or a check to be mailed.

Every now and again a situation has cropped up and then I will pick up a rent.

You just have to learn to train your tenants to pay on time whatever method you choose.

Glenn Cross · Answer

Thank you Joseph, that is really great advice. I really appreciate it. I will most certainly communicate that to the tenants. Thank you.

Glenn Cross · Answer

Thank you Alecia, greatly appreciate the context. Really helpful.

Glenn Cross · Answer

Hi Michael,

I have read a number of books on this subject and others. I do not feel my post warranted sarcasm (re: needing to be spoonfed). I was asking in earnest. You made an incorrect assumption that I was being lazy and not reading or studying how to prepare for this venture.

I do appreciate your feedback on picking up rents. Thank you for your advice. I will adjust accordingly. thank you again.

Michael Smythe · Answer

@Glenn Cross NEVER pick up rents!

What services pick up money these days?

Nothing good happens when you pick up rent, other than maybe you get to see condition of property. Everything else is bad.

Also, why have you read the books here on BP that cover this?

Or one of the literally thousands of books, videos, etc on this thing called the internet?

Yes, we are all here to help you, but not spoonfeed you!

Seeking guidance - What to do from 1st to 1st?

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