All Forum Posts by: Sing Ho

This is my first rental property. Recently just bought a 5 Unit rental property and already having problems getting rent from 2 units. One of them in Unit 5 I met was a family who longer wants to move to a better neighborhood express they are looking to move soon like by next month and so far is late with rent. They have been there for 8 years. Try to contact them but no response. Not sure but they are probably thinking they are leaving anyway and their security deposit is the payment or something. Another tenant in UNIT 4 is a family as well that we have never met since buying the property. Tried to call them with provided number from old landlord and realter but numbers are bad or tenant replaced these numbers. This tenant was new and was a requirement from landlord to fill before settlement as it was contigent with Sale. Seems like the seller found anybody they could just to fill the unit so sale could go through.

Guess as a landlord, this is what I will be dealing with. Trying to figure out what my next steps are. If Unit 5 is indeed leaving, I want to make plans to get new tenants and also fix up

the unit. As for unit 4, I may be dealing with eviction. I dunno yet but just planning for the worst. Any advice would be great at this point. 

Originally posted by @Patrick Philip:

Originally posted by @Sing Ho:

Good ideas.. thanks.

 Are you going to be managing it yourself?

That is what I am planning to do but now thinking about getting a property manager. This of course will eat up any cash flow until down the line.

Originally posted by @Jairmiya St. Hilaire:

Sing Ho,

How much experience did you have before you purchased the property. The reason I'm asking is because I thinking of doing the exact same thing and wanted some advice on how I should go about approaching the bank for a loan?

v/r,

Jairmiya

Not much. I have 2 commercial properties I take care of but never dealt with residential tenants till now but I have to tell you, its is an eye opener. ONly advice about bank loans is to shop around.

Thanks..!

Hi biggerpockets, Just bought this new property want to manage it myself but the county my property is in is saying that if I do not live in the county which I dont, I would need to hire a license property manager. This is the first I ever heard of this. Anyone have to deal with this in their county? This is in DE new castle county.

Good ideas.. thanks.

Hi biggerpockets, Wife and I bought a 5 unit apt building today and going to meet the tenants tomorrow to introduce myself to them and discuss the transition to being their new landlord. Excited as this is our first multi-family rental property. Any tips on handling tenants would be appreciated.

Hi biggerpockets, Wife and I bought a 5 unit apt building today and going to meet the tenants tomorrow to introduce myself to them and discuss the transition to being their new landlord. Excited as this is our first multi-family rental property. Any tips on handling tenants would be appreciated.