Self-Managing a Small Multifamily
Hi BP Community,
I am evaluating a duplex in the midwest as a long-term investment property. I will NOT be living in either unit but live in town and plan to self-manage the property. This would be my first investment property and, as I crunch the numbers, believe this could be a worthwhile investment and relatively simple way to start my REI career.
I have a few questions for those that manage properties and would appreciate your feedback.
- What is the most comprehensive/reliable, but cost effective, way to screen tenants? Specifically, criminal background checks, credit scores, rental history, etc. Are there reliable platforms to use or can you point me in the direction of the best way to do this so its easy on the renter and me as the owner/manager?
- What is the most cost-effective way to get maximum exposure for your listings? I want to avoid the MLS and get the best bang for my buck, but also fill the units quickly. Any help from the community to find the right middle ground would be appreciated.
- With these subjects in mind (tenant screening/advertising), how much should I set aside in annual cost? I am doing line item projected expenses and am unsure how to account for these costs.
- Other than google searching comparable rentals, is there any way you all accurately project rents as well as vacancies for your areas?
Thank you so much!
Anthony