Hi all, I own a duplex in Queens and our family both live and rent the property. My family is planning to move out of the neighborhood and rent out the entire building. We've been managing the rental on the first floor by ourselves and it's just too much work and headache.
I'm looking for an honest and reliable property management company who can help us find tenants and manage the duplex on our behalf. I haven't worked with any property manage company in the past but I know a good one is hard to find, especially in New York.
Recommendations are welcome and appreciated!
On a side note, I'm unsure whether the house will become an investment property after we move out or remain a primary residence. We've been living there for almost 3 years. I'm aware there are rules like the 2/5 rule, you have to live there for 2 years in the past 5 years for it to be considered a primary. I'm not sure if it has changed. Also, any insights on the tax implications of primary residence vs. investment would be helpful.
I'm a Realtor and Property Manager located in Bayside, Queens. Would love to meet and discuss your current scenario.