New member in Lincoln, Nebraska

[Lisa Mathews]

I've been lurking and learning for a few years now and finally joined BP. I live and work in Lincoln, Nebraska. Four years ago, I bought my first property: a four-plex in the downtown area. It's been a great house hack for me, living in one unit and renting out the other three.

My goal is to own 12-15 doors and then retire.

Lisa

[Lisa Mathews]

The two biggest issues have been availability because I live in one of the units and late rent payments. 

I've learned to set boundaries, for example, my fee for a lockout is based on the hours and day of the week, rather than whether or not I am on the property so that when I get a 2 a.m. call I am still compensated for the inconvenience. 

The late rent issue was due to the five day "grace period" in the lease language. If no fees are charged until the 6th, then rent become due on the fifth. To get tenants back to rent is due "on or before the 1st," I eliminated the "grace period" and tell them if they need a grace period, they can consider it as the last five days of the month. When fees begin on the 2nd, rent is on time.

Currently, I am looking to purchase another multi-family in the 4-7 unit range. Once acquired, I'll be hiring a PM company. Living in the building makes PM easier, but additional units will be difficult while I still have a FT job.