House hacking with property manager
Do you guys recommend getting a property manager if you’re starting a house hack? I have 2 other bedrooms in my house that I want to rent out for extra income.
Quote from @Exavier Martinez:
Do you guys recommend getting a property manager if you’re starting a house hack? If so, who are some good property managers in Deltona, Florida? I have 2 other bedrooms in my house that I want to rent out for extra income.
I think it's unnecessary. You live in the house, so why not manage it?
One benefit of managing your househack is that you can regulate who lives with you. If you are an orthodox Jew and want only orthodox Jew roommates, that's legal. If you want to have only male roommates, that's allowed. If you don't want children, you can reject them. Because you live in the house, you have the freedom to choose who shares the space with you. Once you involve a property manager, that option may go away.
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One of the great benefits of house hacking is that you learn the basics, don't pay a PM to loose that opportunity!
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@Exavier Martinez, managing two roommates in the same household is feasible. No need to hire property management and incur the additional expense. As noted above, you have the final say as to who you want to live with. I would, however, explore the possibilities of utilizing an attorney-backed lease to resolve any future complications. Best of luck!
#2 Managing Your Property Contributor
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#2 Managing Your Property Contributor
- Property Manager
- Royal Oak, MI
Definitely use a great lease and have provisions in it for sharing common areas. Also get a security deposit.
Two things you may not have thought of:
You can pay a management company to qualify the tenant only. And then you get the rent.
When I had rentals in the bad part of town the management company can be the (bad Cop) and you're just the manager for the owner.
Quote from @Drew Sygit:
Definitely use a great lease and have provisions in it for sharing common areas. Also get a security deposit.
Any recommendations on where to great a solid lease?
#2 Managing Your Property Contributor
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#2 Managing Your Property Contributor
- Property Manager
- Royal Oak, MI
@Exavier Martinez just found this one in 30 seconds via Google: