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Managing Your Property

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Exavier Martinez
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House hacking with property manager

Exavier Martinez
Pro Member
Posted Jan 5 2023, 15:44

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. 

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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
ModeratorReplied Jan 6 2023, 05:59
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.

  • Property Manager Wyoming (#12599)

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Marcus Auerbach#3 Starting Out Contributor
  • Investor and Real Estate Agent
  • Milwaukee - Mequon, WI
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Marcus Auerbach#3 Starting Out Contributor
  • Investor and Real Estate Agent
  • Milwaukee - Mequon, WI
Replied Jan 6 2023, 06:03

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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Michael Dumler
  • Real Estate Agent
  • Atlanta, GA
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Michael Dumler
  • Real Estate Agent
  • Atlanta, GA
Replied Jan 6 2023, 06:07

@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!

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Drew Sygit#2 Managing Your Property Contributor
  • Property Manager
  • Royal Oak, MI
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Drew Sygit#2 Managing Your Property Contributor
  • Property Manager
  • Royal Oak, MI
Replied Jan 7 2023, 13:51

Definitely use a great lease and have provisions in it for sharing common areas. Also get a security deposit.

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Alan Faitel
  • Real Estate Broker
  • Cocoa Florida
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Alan Faitel
  • Real Estate Broker
  • Cocoa Florida
Replied Jan 9 2023, 15:18

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.

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Exavier Martinez
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Exavier Martinez
Pro Member
Replied Jan 11 2023, 07:05
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?

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Drew Sygit#2 Managing Your Property Contributor
  • Property Manager
  • Royal Oak, MI
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Drew Sygit#2 Managing Your Property Contributor
  • Property Manager
  • Royal Oak, MI
Replied Jan 11 2023, 12:11

@Exavier Martinez just found this one in 30 seconds via Google:

https://communityrentals.ucsc....