Honolulu, HI 路 Member since 2008 路 3k+ posts 路 2k+ votes
6mo
Depends if occupied or not; if you plan to live in one side or not; observed general conditions.
It also depends on your actual understanding of building systems and structures; Fed, State, and Local laws regarding LL/Tenant relationships; and ultimately, your goal for the property.
Honolulu, HI 路 Member since 2008 路 3k+ posts 路 2k+ votes
6mo
Depends if occupied or not; if you plan to live in one side or not; observed general conditions.
It also depends on your actual understanding of building systems and structures; Fed, State, and Local laws regarding LL/Tenant relationships; and ultimately, your goal for the property.
Honolulu, HI 路 Member since 2008 路 3k+ posts 路 2k+ votes
6mo
Local LL/Tenant laws, and Federal Fair Housing (which may differ from local) would be key starting points.
It still matters how you want to proceed...if you are moving into a vacant side, or need to move someone out first, is important. Or, if you move in one side, and renovate the other, vacant side. You need to full background check and a new Rental Agreement under your terms and conditions as soon as lawfully possible, for any existing Tenants. Or give proper Notice of Non-Renewal to start getting them out.
You need a thorough visual inspection of every room, closet, storage area, attic, basement, crawlspace, and exterior including roof. If you don't know what "Bad" looks like, accompany someone that does. You need to know that you have safe, fully functional, reasonably clean spaces, for your family and the current or proposed Tenants. Plumbing (supply and waste lines), Electrical, any auxiliary systems such as pumps, alarms, water heaters, HVAC, all need to be evaluated to some extent so you know what you are working with.
"Ultimately you need to establish good systems for every aspect of Rental Management. "System" is defined as a series of repeatable steps to accomplish a major task with a clear beginning and a defined end. Rental Prep, Routine whole unit inspections, Rental Application processing, Marketing/Showing of vacant units, are all "processes" to develop, among others. Without processes, you start at zero with every task...it's new, and you perform differently every time. With a process, you improve quality and speed.
Investor 路 Provo, UT 路 Member since 2016 路 759 posts 路 626 votes
6mo
Hey Parker, I have been doing this for over ten years now with about 200 rental units. I self-manage the whole thing. Utah is a great state for rentals. Let me know what questions you have, and I can try to point you in the right direction.
Since you plan to live in one side of your duplex, house hacking is a great way to get started as a first-time landlord. The most important things are to understand the local and federal landlord-tenant laws, including Fair Housing rules, and to have a clear plan for how you will manage the unit you live in versus the rental side. Before moving in, do a thorough inspection of every area, including plumbing, electrical, HVAC, roof, and any auxiliary systems, so you know the condition of the property. Establish clear processes for rental management tasks such as tenant screening, rental agreements, marketing, showings, and routine inspections. Having repeatable systems in place will make managing the property much smoother and help prevent mistakes. Start small, take notes, and don鈥檛 hesitate to reach out to experienced local investors or house hackers to learn what works in your market.