Managing multi-family units

[Delicia Brown]

Good Morning BiggerPockets family,

I am about to close on my first multi unit property. It is a triplex. I do have 2 units already occupied. One is vacant. Because I initially started with SFH, I would love some advice on taking on the challenge of multiple units in one property. All advice is super helpful and if any book recommendations come to mind, I'd love to read!?

Thanks

[Amir Khan]

Quote from @Delicia Brown:

Good Morning BiggerPockets family,

I am about to close on my first multi unit property. It is a triplex. I do have 2 units already occupied. One is vacant. Because I initially started with SFH, I would love some advice on taking on the challenge of multiple units in one property. All advice is super helpful and if any book recommendations come to mind, I'd love to read!?

Thanks

Congratulations! In order to manage it yourself, most importantly know the local real estate laws, specifically relating to tenants. Set up your procedures (in line with local RE laws) for:

1. Screening tenants, lease signing, deposit requirement, walkthrough process (ensure to take pictures)..

2. Maintenance request and follow up process. Who will do your maintenance work?

3. Rent collection process. Ensuring tenants know how you would like rent to be paid, late fee etc.

4. Eviction process. Ensure written out in tenant lease and how you are going to pursue it.

5. Turn over process: Be prepared if/when an eviction is in process, you are ready with your crew to turn over the unit for next tenant.

Hope that helps...DM me if you like to chat for more tips..