Morristown, TN · Member since 2013 · 2 posts · 0 votes
Here's the deal. My mother passed away a little over a year ago. I now have her house to sell or rent. I've always wanted to try landlording and now I have an opportunity. The problem is it's right next door to me. Some may say that's great you can keep an eye on things. My concern is that the tenant will constantly need something "looked" at simply because I am so close by. I don't want to sell the house because i won't have as much control over who is living there. Remember right next door. Just looking for people's thoughts on this and any concerns that I may not have considered. Thanks.
Investor · Union, NJ · Member since 2011 · 838 posts · 295 votes
13y
Hi Greg,
I owned a 2 family that was right across the street from me. I loved it for the convenience to manage it. If you get a PITA tenant no matter where you live they will be a pest. I wouldn't let the location deter you. Just focus on getting a good tenant in there and make sure you have a bulletproof lease in place, then sit back and collect rent and enjoy!
I think owning investment on same street as you are living is a great thing.
Kansas City, MO · Member since 2013 · 2 posts · 0 votes
13y
I think your concern is likely justified to a certain degree. The most important think is to make sure to follow all the important steps in identifying the right person to rent the property. Your personal radar may be equally important with the person living right next door. There are plenty of great tenants I have had over the years that I would not want to be my neighbors.
Since this is you first foray into landlording, you might want to consider how you feel about tenants calling you regularly with problems. It will happen alot more than you would like whether they live next door or across town. If that doesn't sound like your cup of tea, I would sell the property.
Best piece of advice I would share is don't skip any steps in your screening process. Good luck!
Investor · Union, NJ · Member since 2011 · 838 posts · 295 votes
13y
Hi Greg,
I owned a 2 family that was right across the street from me. I loved it for the convenience to manage it. If you get a PITA tenant no matter where you live they will be a pest. I wouldn't let the location deter you. Just focus on getting a good tenant in there and make sure you have a bulletproof lease in place, then sit back and collect rent and enjoy!
I think owning investment on same street as you are living is a great thing.
Milwaukee, WI · Member since 2009 · 203 posts · 50 votes
13y
I also think that the proximity to the landlord means nothing to a tenant. If they want to whine, they do it in any case. It's then up to the landlord to "train" them.
Only advantage of being further away is in some non-critical cases you may be able to say "oh, I'll look at next time, I am 20 mins away". That excuse won't work if you are in shouting distance.
Financial Advisor · Duluth, MN · Member since 2012 · 157 posts · 194 votes
13y
As long as you screen the tenants and verify they are solid, you won't have any problems. I've been doing this for years and like the convenience. Plus, 90% of tenants do not like calling the landlord. Just like yourself, they don't want to be bothered.
Investor · Fort Worth, TX · Member since 2011 · 1k+ posts · 450 votes
13y
If you are okay with confrontation it is fine. I don't mean all out, terrible Jersey Shores confrontation (although that is a possibility). I mean small stuff like looking out across the driveway and not feeling awkward when you see the tenant that is unhappy about the late fee you charged him the day before. Some people just can't handle it. I don't enjoy it, but it is okay all the same. For maintenance it is great.
Investor · Fort Worth, TX · Member since 2011 · 1k+ posts · 450 votes
13y
Originally posted by Steve Hintze:
Since this is you first foray into landlording, you might want to consider how you feel about tenants calling you regularly with problems. It will happen alot more than you would like whether they live next door or across town. If that doesn't sound like your cup of tea, I would sell the property.
This is not necessarily true. Make sure the property is in good repair, screen well and you should not have more than occasional calls.
Investor · Chicago, IL · Member since 2012 · 80 posts · 31 votes
13y
IMO it's no different than a investor living in an owner occupied duplex. Basically the same concept just separate pins. Most landlords i come across work out fine with that setup. I can see a concern if you get the wrong tenant, that's why you should do an intense screening on this tenant.
Morristown, TN · Member since 2013 · 2 posts · 0 votes
13y
Thanks for all the replies everyone. I think I can handle it but just had some concerns. Chances are they don't want to bother me and don't want me bothering them. I do plan to screen well because I don't want any problems since they are close to not onlyt me but my family as well.
One more thing. I have really enjoyed reading here on the forum for the last couple of months and have gained a lot of knowledge that I plan to put to work.
SFR Investor · Southfield, MI · Member since 2012 · 70 posts · 19 votes
13y
I own 4 houses on my street and have no problems at all with calls from tenants. They all know where I live and who I am. However, I did rehab the houses back to almost new condition so there is nothing to call on. My neighbors who own homes love that I am beautifying the neighborhood and picking great tenants. Having them so close does have its benefits. I drive past them every day so I always know whats going on. I rarely have a late payment.
My goal is to own the neighborhood. I have concentrated my buying on my own 12 block, 230 home neighborhood. 8 down, 222 to go.