Atlanta, GA · Member since 2016 · 7 posts · 0 votes
Hi All,
We recently purchased a duplex we're planning on house hacking-- we're going to live in one unit and rent out the other.
As we begin the process of looking for a tenant to rent the other unit, we're wondering how we should frame the relationship with prospective tenants. Should we tell them up-front we're the owners of the property and that they'll be living next to us or should we try to be more discreet?
We're planning on making quite a few updates to the property, like putting in patios for each unit, fencing, landscaping, etc. If we don't tell them we're the owner, they might start getting suspicious when they see us making these changes.
The last thing we would want is for them to feel like we're being dishonest landlords, but we also want to maintain some boundaries and make it a little easier to enforce rules if need be.
Rental Property Investor · Chicago, IL · Member since 2015 · 98 posts · 48 votes
9y
We have been in our flat for 5 years with 3 different tenants. Each tenant knows we are the owner and built a friendly relationship with them over their stay. To what extent you tell them how you structured the deal, bought the property or anything personal for that matter is up to you. whatever you decide, since their going to be your neighbor, I'd treat them as such. I.e. Have a drink from time to time, talk shop, etc. For us it's allowed for knowing ahead of time their situation, understanding of building related matters that might arise, and loyalty in a way. Hope this helps.
Real Estate Broker · Vancouver, WA · Member since 2015 · 26 posts · 17 votes
9y
Hi Sarah,
I'd tell them up front. It will become pretty obvious to them when they see you making repairs, cleaning the place up, etc. As you take applications from prospective tenants I'd tell them your plans as well. While you should take the first well-qualified applicant, you also need to keep in mind that you'll be making construction noise, so for example, your prospective tenant needs to know that in case they work nights. A good question. I'm curious how more seasoned pros answer.
Rental Property Investor · Chicago, IL · Member since 2015 · 98 posts · 48 votes
9y
We have been in our flat for 5 years with 3 different tenants. Each tenant knows we are the owner and built a friendly relationship with them over their stay. To what extent you tell them how you structured the deal, bought the property or anything personal for that matter is up to you. whatever you decide, since their going to be your neighbor, I'd treat them as such. I.e. Have a drink from time to time, talk shop, etc. For us it's allowed for knowing ahead of time their situation, understanding of building related matters that might arise, and loyalty in a way. Hope this helps.
Anchorage, AK · Member since 2016 · 22 posts · 7 votes
9y
We have been renting out the other unit of our duplex for the past 4 years or so. We have always told our tenants that we are the owners and live in the other unit. I think they would find out one way or the other. They don't need to know the details regarding mortgage price or other financial details but they will be seeing you around the property. I think our tenants have liked having the owner nearby, in case last minute repairs or issues come up. Just my 2 cents.