First time buying occupied multi family

[Cole Solner]

Hi guys! I am a younger investor who is buying a quadplex. It's my first quadplex and also my first time buying something with tenants in place. I currently have 3 doors so this is a big jump for me. I'm wondering how I should go about tenant communications, rent collection and going about this big jump. Any and all suggestions/insight would be helpful! 

[Drew Sygit]

Quote from @Cole Solner:

Hi guys! I am a younger investor who is buying a quadplex. It's my first quadplex and also my first time buying something with tenants in place. I currently have 3 doors so this is a big jump for me. I'm wondering how I should go about tenant communications, rent collection and going about this big jump. Any and all suggestions/insight would be helpful! 

Did you buy it in your name or in an LLC?

Either way, stop & think - other than ego, what postives happen from tenants knowing YOU are the owner?

Been doing this almost 30 years and have NEVER heard of a logical reason. 

Can tell you horror stories about tenants showing up at your personal residence because you're evicting them or not giving them what they want😵

So, tell them you work for the owner, which is "technically" true. This will buy you time to think of responses to tenant demands and avoid making a mistake with an immediate response.

Try to get the new tenants to sign your standard lease. 
- This will make it easier for you to montor & enforce lease issues.

Check the current lease(s). Most leases have a paragraph that allows the rent payment location to change with proper notice.

We allow tenants to deposit rent at our bank, use Zelle & Venmo, but we charge if a tenant wants to snail-mail their rent. We really don't want them mailing their rent as too many timing issues.

FYI: our lease states we recognize the USPS postmark date as date they mailed rent, when assessing Late Fees. They can argue with the USPS if their mailed rent is late.

For tenant communications, recommend separating from your personal. Get a separate email address and get a GoogleVoice number (or similar).