New Landlord - Owner Occupied Duplex
Hi everyone,
We recently purchased a duplex in Ohio we are going to owner-occupy and we are looking for any advice you all have as we become landlords. I’ve read the Book on Managing Rental Properties so I feel like I have a good foundation but would appreciate any additional information you can share!
I plan on using Cozy and Stessa to manage the property and financials. I also plan on setting up business checking and savings accounts as well as a business credit card. We also are going to “pay” ourselves market rent in order to track the performance of the property. We plan on acquiring additional properties and this property will eventually become 100% tenant occupied. Any suggestions you have on how to setup the foundation of our systems and processes to make things scalable in the future would be helpful!
Also, any comments on finding the best tenants would be great. We plan on following the guidelines laid out in the book.
Thanks!
Most Popular Reply
Even if they don't look it up they may see main adressed to you. You just lost all your credibility if you get caught with that lie and I dont think there is a reason to lie. I usually say I am one of the owners (there is my wife and then technically there is the bank..) - I'll get back to you is always a good response.
Boundaries are important. Communication is through text messages, I don't take phone calls, unless it is a call we have scheduled. I listen to the VM and text back. I am always very friendly, but also firm, just like a rep for a big airline would be: no sir, you can't take an meotional support cow on the flight. Is there anything else I can help you with?
A lot of my younger clients start investing with a house hack and it usually works very well; the only source of rub is usually from an inherited tenant. They feel they have seniority and will tell you all about how they had agreements with the previous owners. Always best to expire the lease and place your own tenants. They know you as the owner and will respect you much more.