About to Close on my First Multi-Family Property - help!
Hello Reddit,

After a lot of saving, I've managed to get myself into a neat apartment deal that closes this week.

It's only 8-units, but I have zero experience managing an apartment.

Are there any websites or resources you recommend I look into before taking ownership.  I'm looking for a crash course for landlords or any best practices advice you can share.

Thanks!
[{"id": "d83bs00", "text": "1. biggerpockets.com\n2. Landlording  by Leigh Robinson\n\nMy own advice: the most important part of landlording is getting good tenants.\n", "replies": [], "depth": 1}, {"id": "d83fq8t", "text": "Congrats! Learn local laws regarding fair housing law, screen tenants very well (legally) to prevent potential issues down the road, study your market to learn trends and find value add opportunities for your new property. I'll post a pic later of all the property management books my old Professsor (former landlord, attorney) had us read. ", "replies": [], "depth": 1}, {"id": "d83zbrb", "text": "Hire a professional manager (which should cost 10% of gross income) and watch them like a hawk for a few months.  Unless you want to be a professional, residential manager, let the manager do the managing and let yourself be the investor.", "replies": [{"id": "d848vqh", "text": "10% seems like a lot, is that the fee you pay for management?  What is included in their services?", "replies": [{"id": "d849mff", "text": "10% is common for single family, while it is more like 3% for a couple hundred units.  Not sure what is normal for 8 units, though.", "replies": [{"id": "d84c8un", "text": "CRE Appraiser here, I use 6% in my valuations.", "replies": [], "depth": 4}, {"id": "d85pxum", "text": "It is worth nothing one reason the % is so low on larger complexes are staff are expensed directly too it.  This does not happen on small ones, so staff expense essentially goes to management fee", "replies": [], "depth": 4}], "depth": 3}, {"id": "d84l6of", "text": "I underwrite small multifamily at 8% of gross as the management fee. \n\nThat includes finding tenants, responding to maintenance calls (not the expense of repairs), and collecting rent.", "replies": [], "depth": 3}, {"id": "d85prnx", "text": "7 or 8% may be normal here.  It depends a bit too.  \n\nJust speaking for myself when I quote any property I actually am looking at an estimated monthly and hourly amount then back that into a percent rate.  If you put me on a property in the ghetto where people are getting shot outside, its half vacant, units are renting at $400 a month and the building is falling down I am not doing that at the same percent rate as a property that is newly built, high end, and fully leased to well qualified tenants.  \n\nPer services most management contracts include some combination of:  \n\nLeasing\nAccounting\nAR/AP/Rent Collection\nMaintenance\nTenant Management (ie the tenant calls them at 3 am, not you, and they deal with the headaches).  \n\nLeasing and maintenance typically have their own markups too.  Make sure you investigate those and don't just zero in on a management fee as a percent of rents.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "d849kod", "text": "Check out Gino Barbaro's blog:  http://www.multifamilyinsiders.com/component/easyblog/blogger/listings/ginobarbaro?Itemid=", "replies": [], "depth": 1}, {"id": "d84lf3l", "text": "1. Have a lawyer write up your lease\n2. Use credit and background checks and landlord references on your tenants.\n3. Raise your rents annually based on market conditions - If you don't have some minor vacancy % each year, you are probably leaving money on the table.\n4. Consult a lawyer and act swiftly on evictions.\n5. Emotionally remove yourself from your tenants/their plight.\n6. Learn fair housing laws in your country/state/city.", "replies": [], "depth": 1}]