Just settled on a multi-family apt today

[Sing Ho]

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.

[Patrick Philip]

Originally posted by @Sing Ho:

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.

 Kick the dead beats out right away. Institute a late fee. Run background checks on everyone. Bring in new tenants at a slightly higher rent to replace the dead beats. Monitor for drug activity and call the cops if you find it. Assert your authority right away. Then, after you've done that... Smile, be friendly, and collect rent.

Source: I'm a property manager for a trailer park.