I have purchased a 3-plex, now what? Montreal (Canada) area.

[Jocelyne Sema]

Hi all,

I am very happy, I am closing the deal on my first 3-plex in a couple of weeks, fully rented. I have learned about financing, crunching numbers, negotiation, etc, but now it's game time and I don't know where to start.

- Should I introduce myself / discuss with the tenant about the change? How to do that?

- The inspection showed that there are couple of stuff that needs to be fixed, especially on the ground floor. Not a big deal, around 5K. Can someone recommend me trustworthy contractors in the area?

- Should I purchase a real estate software to manage my accounting, RL-31, contract renewals, etc. Or is too much for a 3-plex?

- The ground floor rent hasn't been increased for the last 4 years. Can I already do it as soon as the improvements are done on that appartment?

Thanks.

[Amanda Osmond]

Congrats @Jocelyne Sema! I can feel your excitement! I would say you should be able to manage a triplex without software. I always introduce myself to new tenants. It's nice to make the 1st move. They will know that the building is being sold and may be nervous and wondering what is going to change. It's nice if you can introduce yourself, let them know what you are doing or changing and give them new payment info. I also just bought a triplex and I will be having all of my tenants sign a month to month lease (i'm raising the rent) and will let them know what I will be providing (snow removal and lawn care) as well as asking them what work needs to be done in each unit. It's always a learning process so don't stress about the small stuff!