The best piece of advice I can give to multi-family property owners regarding the operations of their investment property is to keep it as simplest as possible. In order to do this the property owner must adopt a uniform policy of daily operating actives & upkeep. In other words the owner should try and keep everything the same throughout the property in the simplest way possible.

Some of the things that can and should be uniformed are:

1. Locks & Keys
2. Appliances
3. Rent Collections
4. Maintenance Requests
5. Bill Payments

As the owner you’ll have nothing but added confusion & headaches if rent collections aren’t the same for all the tenants or if you have 50 different keys for a 6-Unit property. Take my advice and Keep Is Simple Stupid.

Until Next Time,

Donald Karney III,
Broker/Owner