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Updated almost 6 years ago,
Tenant told me she has experience as property manager?
Hi guys,
I just closed on a property and the tenant who is in the section 8 program told me that she has had experience as a property manager before. I did find a property manager, but he isn't very responsive and have been avoiding to tag along on the closing walk through with my agent tomorrow. I am wondering if it's a good idea to offer the tenant PM responsibilities? It's a duplex so PM manages both units. I assume it's kind of obviously a bad idea since there is a conflict of interest, plus I doubt she's licensed or insured. The pro is that I assume I will save on expenses.
I heard Tenant PM in larger multi-family isn't unheard of, but this is a duplex property. From what my agent tells me, this tenant is very responsible, pays on time, and fixes whatever stuff she can fix on her own instead of calling maintenance.
Just want to check my sanity and see if there are any cases where an investor has succeeded with tenant PM.