How to Maintain a Multi-Unit Rental Building

If you own a multi-unit rental building you will quickly learn that there is more involved than just collecting rent, paying the mortgage and keeping the profit. The building require ongoing and periodic maintenance as well.

Instructions

Difficulty: Moderate

1. Familiarize yourself with state and local laws regarding your maintenance responsibilities to make sure that you are maintaining the building at least to the level required by law.
2. Consider having an on-site maintenance person. This person may do the job in exchange for either free or reduced rent, depending on the amount of work and time that is required. Unless you plan on doing the maintenance yourself, this is often the easiest and most affordable approach.
3. Take responsibility for trash removal. Provide receptables and arrange for a service to prevent trash build up. Include the cost of the trash removal in the monthly rental fee.
4. Handle problems and make repairs as they occur. Do not allow maintenance to build up and conditions to deteriorate.
5. Inspect each unit once a year. In most states, the landlord is allowed to inspect property annually at the time of lease renewal as long the lease provides for it.
6. Collect a security deposit from each tenant. Be sure that you are familiar with the laws governing these deposits. Most states require the money be put in a separate account and the interest accrued be given to the tenant annually.