Multiple rental properties advice

[Tevell Williams]

Hello all, 

I am a new real estate investor, however my partner and I have had our LLC for over two years. Although it has been a long road we have mustered up a owner financing deal that is due to close on may 1st. The deal consists of five properties on one note. 3 out of 5 properties are currently rented out at 440/mo. 4 properties are 2 bed 1 bath 700= sq ft. the other property is 3 bed 1 bath 900 + sq ft. The deal is arranged so that I am not responsible for any payments including note, taxes and insurance for the first 8 mos. May 1st-Jan 1st. We will also receive 2k to begin cashflow and repairs on the two vacant properties. The note is 500/mo. for 60 mos. (After 8 month period), Hope I gave enough info for some sound advice

1. How do I make the best out of the 8 mos. given do i repair with rental income or save rental income for 8 mos? (I plan on using the rents from the other properties to repair two vacant homes one by one)

2.) I plan on managing properties oursellves they currently are managed by a company. good idea or bad?

3.) Good idea to move to ACH online payments?

4.) any other advice for a first time landlord?

Thanks and look forward to taking in all the knowledge and advice. 

[Johann Jells]

1: why would you wait to repair and get rented unless you don't have enough capital?

2: Self management will teach you far more than anything else. I LOVE seeing my prospects face to face and sizing them up, I'd hate to have no idea who's living in my property. Troubleshooting maintenance and dealing with contractors will also be very educational. 

Lots of people knock DIY, but it pays! My story from last week: tenant texts to say toilet is running and not flushing. Plumbers around here don't show up for less than $100. I run the 10 minute drive there, take off the tank top, and find the chunk of blue crap she put in the tank was blocking the flapper. Fixed, at the cost of dying my hand blue and a 20 min round trip. But I also got to check out the condition of the apartment, and walk through the common spaces making sure all seemed well.

3: Yes, I love Cozy! Free and makes ACH easy.

4: Good luck, stay calm, and there's never been a better time to learn this between BP and Youtube!