New to being a landlord
Hey gang,
We purchased our first duplex this past month. A large building that cash flows well.. A nice one to boot at that. Anyway, I am curious to hear from you all..... regarding this.
1.) How often do you check on your property?
2.) Is it possible that you never hear from your tenants other than deposits into your account?
3.) I am curious how involved I should be if the rent checks are coming in with no repair or complaints? Thoughts on this??
Thanks all... you are the best community!!!
-Marty
Most Popular Reply
We like to check at least once or twice a year, and often do so when there's a maintenance call. I'd recommend at least 2x a year, just to check in! If the home is in perfect condition, and nothing breaks.. then yes, it's possible.. hasn't happened with us... but if you're buying A/B houses very likely! I'd say every 6-months, just touch base, see how everything is going. Your screening will 100% determine your experience, so I highly recommend you be selective and find the best tenants you can.
Another thing we do, is each year a tenant stays, we offer them an upgrade up to $200, and that's always a nice open discussion if they want anything else done, or if something needs to be replaced, stuff like that. Screening is your best bet with finding a good, clean and happy tenant! Spend extra time and make sure their story makes sense, and that you want to work with them!
Lastly, trust your instincts.. if you feel something is fishy, go check on it. Even if they pass everything.. be proactive, it's easy to fix a small problem, not easy to fix a big one!