All Forum Posts by: Garrett M.

I am reading through Mike Butler's great book 'Landlording on Autopilot' which was recommended in one of the BP podcasts and came across a great point that may be an issue with my future plan.

Some background: I plan on purchasing my first piece of real estate in the next few months as an owner occupant in a triplex. For this question I am assuming that I will be purchasing the property with two tenants and moving into a third unit.

In the book, it is explained that you should never position yourself as the owner of the property but rather the property manager. This is a great tactic because it gives 'you' - the property manager, the luxury to check with 'you' - the owner, on any issues that come up with tenants. A great example would be if a tenant has some excuse about not wanting to pay a late fee. You - the property manager can say that you will have to check with the owner, who then says he will not waive the late fee. In this case, you- the property manager do not look like the 'bad guy' and are just doing your job to avoid getting in trouble with the 'owner'.

Would positioning myself in this capacity be advisable given that I would be living in the same building as my tenants?

-Garrett

Thanks for the great tips guys!

@Taneisha Huntley

Hey Everyone,

My name is Garrett and I have been a long time reader of the amazing resource that is the forums and listener of the informative podcasts. I figured now that I am getting serious about REI, I should make an account, get to know people in the area (and on the forum) and pick up some tips along the way!

I'm in my late 20s and currently rent in New York. I have a full time job in the city. I have rented all over Queens including Astoria and Bayside and out on Long Island in both Nassau and Suffolk counties - lived here my whole life.

It dawned on me one day that I if I lose my job I would want a safety net to keep myself afloat. Then I thought, what is my biggest expense? RENT! I have been helping pay the mortgages of my many landlords so why not do it myself and become a landlord! Thankfully my wife is 100% on board with this :)

Since then we have been scrimping and saving every penny we could while also researching, reading and listening up on as much as I could on REI. This site is amazing and I am looking forward to connecting with those in a similar boat, a mentor, or even meeting a partner down the road.

I am planning on purchasing my first piece of real estate as an owner occupied in a triplex in 2014 and plan on asking a ton of questions in the forums over the next couple of months and engaging in some meaningful discussions. Any advice or constructive criticism would be greatly appreciated.

Looking forward to meeting you guys! Thanks!