Multi-family house hack advice

[Omer H.]

Any tips for new landlords starting out?

Things you wish you knew before starting out?

What if the tenants don't take me seriously? lol

I'm 24yo and am about to house hack a triplex, occupying 1 unit while renting out the other 2.

There are already tenants in the other 2 units with no lease.

Any advice for a beginner multi-family house hack would be appreciated!! :)

I wouldn't have gotten this far without all the advice I read on the BP forums, so thank you!

[Bryan Balducki]

@Omer H. Welcome to the land lord life and congrats on getting started so young!

Definitely many tips and things I wish I knew before I got started. Don’t feel like they won’t take you seriously, just set the expectations early on and stay firm on your rules, and you’ll be fine! You could say that you are just a live in property manager and not the owner if they ask but don’t get caught in a lie either….

-definitely get them to sign a lease and have a strong state specific lease-I’d do 12 month leases so that you don’t have to fill vacancies at a bad time.

-always require deposits before giving them the keys and do full screening(background and credit) before hand/check their referrals. Ask for proof of income. I would also do a video chat so you can feel them out, ask tons of ???, you don’t want bad neighbors

-be careful when renting to pets and collect pet deposits/screen their pets, and check with other tenants that it is okay.

-I’d consider using a move in/move out checklist to ensure no damages were done and a periodic walk through

-keep good records for expenses and rental income/find a good application for this

-read Brandon Turners book on managing rental properties and Craig Curelops house hacking strategies-they both rock

Good luck and feel free to DM me with any questions!