Tips for managing a quadplex

[Hoai Nguyen]

We are closing on our first quadplex next month. We currently have 3 long term rentals and are self managing. What are some tips and tricks or advice you would give to better manage a quadplex that might differ from a SFH? I am going to install quickset locks and they are all metered separately but looking for functional tips during the rehab process that might make our lives easier in the future and management tips. Thanks.

[Drew Sygit]

@Hoai Nguyen suggest modifying your current lease to cover multi-family setup.

Parking, shared access, police report required for landlord to get involved in disputes, etc.

[Paul Tanso]

Simplify as many standard processes such as online rent payment, leases, apartment turns, paint, and other materials, and re-key all locks to a master system. When you start to grow bigger you will be thankful you don't have boxes of keys. You can install a lockbox onsite and place a master in it for your trusted contractors. When you get larger, migrate to a property management software that automates these things.

[Drew Sygit]

@Hoai Nguyen suggest modifying your current lease to cover multi-family setup.

Parking, shared access, police report required for landlord to get involved in disputes, etc.

[Hoai Nguyen]

Can you elaborate or can we hop on a call?

[Adam Bartomeo]

Make the property indestructible! No carpet, disposals, only put up curtain rods, hard flooring only, use durable materials, always have cabinet pulls

[LeeAnn Owens]

Hi @Hoai Nguyen,

Congrats on the quadplex!

Make it extremely clear which spaces are shared spaces and which spaces are specific to each unit. If there is a shared space make sure it is clear who is responsible for maintaining it. For example, one of our tenants gets discounted rent from April-October for managing the landscaping. If there is limited parking, make it clear how many spaces each unit has, and where they are able to park. When we acquired out triplex we added quiet hours into the lease which has been helpful. 

Good luck!

-LeeAnn

[Michelle Fenn]

SFH are easy to manage, you can have the tenants take care of utilities, lawn care and snow removal. Move to duplexes and you learn you need to pick compatible tenants to avoid becoming a mediator in disputes about noise, pets and parking. Once you move up to Multi-unit units you now add provisions upkeep of all common/shared spaces. Expect the call to replace a lightbulb in the laundry area or a battery in the garage door opener. And do not be surprised if it is in the wee hours of the morning or night. I am at retirement age and I am now selling my multi-unit properties with seller financing, I look forward to a monthly check without the calls. Good luck on your purchase, PM of multi-unit properties is for the young or those with professional management.

[Melanie Thomas]

Glad to hear they are metered separate, always a pain when not. I would ensure receiving mail is not going to be a cluster as well as shared yard/spaces are addressed. Good luck & happy investing!