Met my tenant today by accident, any tips?

[Jonathan Perez]

So I'm House hacking a duplex, and I'm still in the middle of getting my side rent ready so that I can move in asap. While I was outside with my grandfather looking around the house, my tenant came out and asked if I was the owner. I said yes. I felt like I was put on the spot because I wasn't expecting her to just come out like that. She asked a few questions and I tried to give minimum responses without being too standoffish. I wanted to be respectful but at the same time not too easygoing. She mentioned how she was moving in July when her lease was up because she's got a job in another state and that she might consider doing month to month until they give her a start date. I currently have a property manager managing it but I'm thinking that I really want to manage it myself when the lease is up. I feel like this could be an opportunity for me to grow, not only as a real estate investor, but as a person all around. I feel like there are valuable skills that I can develop while doing this. I must say, I am pretty nervous but I'm going to push forward. Are there any tips or pointers on how I should talk to a tenant? Are there any basic guidelines that I should start off with and then maybe later I can change? Any advice would be greatly appreciated.

[Brent M.]

Talk to them like a customer. Be friendly, fair and firm. I always emphasize my willingness to accommodate them (within reason) and that the only thing I need from them(within reason) is prompt rent payment. Said with a smile, they get the message and understand my position completely.

[Jonathan Perez]

Ok, like a customer. Makes sense. The unit being the product...

Another thing was that I feel like I made the mistake of telling her that I would keep the rent payment the SAME if she decided to go month to month until her job called her to start. Should I raise the rent for the month to month lease if she decided to do that?, or is it cool to leave it at the same price?

I feel like I might've made that promise too quick without thinking about it. ;-0

[Dave Carpenter]

Jonathan, be careful what you promise, especially if you aren't confident you can deliver. It may be a good practice to say, "let me think about that and get back to you". In my experience in both real estate and life in general, people are usually ok with that as long as you actually do get back to them.

One thing to keep in mind is there are lots of laws, some not so obvious, and which can change. Keep in mind that what a customer/tenant wants may or may not be legal, or in your best interests.

Pair all of this caution with being kind and genuine and I think you will do just fine. There are lots of landlords who have made dumber mistakes than you. Real lots on these forums and you likely will save yourself from most of the big ones.

Being a landlord can be fun!

[Thomas S.]

It's your property, you are now a business owner.  Everything is your decision and yours alone. You decide.  

[Jonathan Perez]

Dave Carpenter yeah, the fact that there may be things the tenant might ask for are legal and/or probably not in my best interests is what has me a bit nervous. I need to get me a good attorney.

But definitely going to get used to saying "I'll get back to you on that." To avoid making promises and giving them inconvenient answers.

[Nicole A.]

Yes, a big tip for a new landlord is to *never* make promises immediately. They ask for a new ceiling fan/paint/fridge/same rent/extension in lease/whatever, you always respond with something along the lines of getting back to them soon. 

The only immediate response they ever need is when the place is flooding, on fire, or there's zero heat on a freezing day (or depending on state, AC is required).

[Stephen E.]

@Jonathan Perez You need to figure out if it is in your best interests to let the tenant go month to month, potentially for an extended period if her job does not work out, or whether a fresh start is needed. What kind of tenant is this? Do they pay on time? Were they in arrears with the previous landlord? Are they a PITA to deal with? Answer these questions and they answer your own as to whether month to month serves your interests. Although from your comments if you are unready and unprepared to be a landlord in general, if the tenant is reasonably OK it might be an idea to keep her and study up on best screening practices so that when you do lease up you don't invite a monster into your premises.

[Deanna McCormick]

As a Landlord I make promises any time I feel like it. If this tenant had approached me with the same situation I would have done the same ...agreed to month to month .... I LOVE MONTH TO MONTH...

As far as raising or increasing the rent for that period I don't think it really matters that much,, if her plans fall thru and she doesn't transfer and is still there you can on a MONTH 2 MONTH lease give her a rent increase 2 or 3 months down the road.. so your not stuck for a whole year.

YOU should  manage your own properties,, You should take note and introduce yourself to tenants if your on property so you know who belongs there, you should be proud of what you own, and take measures to induce the same pride of ownership in your tenants,, this tenant wondered who was walking around is a prime person,, concerned enough to wonder what was going on.

I recommend you start with downloading the landlord tenant laws for your state, join a landlord association if there is one around you and take advantages of classes and other things they offer.

Choice to dump your management co is fine,, personally if you live close enough like people and interaction then try it.. if you find it's not your cup of tea , then switch back.