Property management

8 Replies

My question is if I live in a owner occupied duplex, can I hire a property manager for the property i currently live in?

Probably, why would you though??

You could but you would pay 5-10% of gross monthly revenue. What would have the company do you that you can't do yourself. Unless you are planning to move away and rent out both units. 

They will charge for each service separately such leasing, emergency repairs, their fee only covers rent collection. Tell your renters to pay by E-transfer, that is what all of my 6 guests do. 

Originally posted by @Michael Noto :

Sure you can. This is a good option sometimes for people who travel a lot for their 9-5 job.

How many units is the building?

 Umm? Last I checked a DUplex means 2.........

Originally posted by @Derone Patterson:

My question is if I live in a owner occupied duplex, can I hire a property manager for the property i currently live in?

 Yeah the reason I asked that question is because I may be out the house a lot when I do finally get the duplex. And I like knowing that I could have property management do repairs or snow removal etc. Plus If I have a tenant thats always late paying I could just have property management deal with it. Thanks for all answers

PMs typically won't do the actual repair, they are going to call someone to do the actual repair and then potential upcharge you on the repair amount. Same thing on the snow removal, they won't be out there with a shovel themselves. 

Their role will be to screen potential new tenants, make sure your rent check is received on time, and take calls from your tenant when there is an issue. You might want to figure out if 8-10% of your rent monthly plus 1/2-1 full month to find a new tenant is worth it if you are living right next door. I personally wouldn't hire someone to manage my property when I lived next door but that is just me. 

In these situations where people house hack a 2-4 family house, is it recommended to not let your tenant know you are the owner or is their certain advantages in having tenants know you own the place as well as live in it.  Should/could you introduce yourself as the property manager for the building? 

How have you house hackers handled this?

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