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Living in same building with your tenants?
invite response
2011 Apr 24, 9:11am 2,507 views 7 comments
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My landlord's wife occasionally stays over at my place, which works out well.
Depends on you, the renter, and your overall financial picture, of course.
My tenants don't even know where I live, etc. let alone live next door or on top of me. Even though I live only a few miles from my properties, tenants deal with the management company and I wouldn't have it any other way, but that's just me. Get ready to be called day and night because you're only below them. In my landlord group often times new landlords regret they live in the same duplex or four plex. Something to think about very hard before you make that leap. It's like a mother in law.........the good news is she lives in the back house, the bad news is that she lives in the back house.
I intend to live for free by having a tenant service the entire mortgage with your method at my place.
If you want to live in the same building but don't want your tenants knowing who you are, couldn't you pretend to be fellow renters? When they grumble about their rent going up, you nod in sympathy and say, "Yeah, those management companies; what can you do about them?"
^_^;
closed
2011 Apr 24, 10:52pm
If you want to live in the same building but don’t want your tenants knowing who you are, couldn’t you pretend to be fellow renters? When they grumble about their rent going up, you nod in sympathy and say, “Yeah, those management companies; what can you do about them?â€
^_^;
Ha! I thought of this too. But wouldn't it sure be awkward when they found out?
toothfairy
2011 Apr 25, 1:17am
I intend to live for free by having a tenant service the entire mortgage with your method at my place.
That's a great idea
PasadenaNative
2011 Apr 25, 2:37am
I live in the same bldg. as my tenants, they know I'm the owner. I also have a management co. so they call them, not me. I have a good relationship with my tenants, no bad energy here.
I'm starting to consider a house purchase, and I have been trying to keep my eyes open to all options (including not buying). One of the properties I recently looked at seems interesting. It is a house which is suitable to my needs, and it also has an upstairs apartment (separate access). Without the apartment, and otherwise the same, I would jump on it at a $100k lower price, and I would strongly consider it with a $50k lower price. The apartment has a tenant with 3 months left on their lease. The apartment allegedly rents for $950 per month, and I'm pretty confident that it would fetch $750 minimum. I am open to having a tenant in the same building, but I have never done it. With my income I don't need to rent the apartment, but without the rental income the monthly expenses would be at the edge of my comfort zone. The upstairs apartment does not easily re-incorporate with the house.
Anybody doing this? Thoughts?