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Updated over 2 years ago,
Should I manage my own home owner occupied duplex?
Hi,
I have taken my first step towards real estate investment by buying a duplex - I plan on home-owner occupying one side (2 bedroom, 1 bath) and renting out the other side (3 bedroom, 1 bath). I am trying to figure out if I should hire a property manager or since it is just one property, I should manage it myself.
I would prefer that the tenant not know that I am the property owner. Here are a couple of things I am worried about as a new landlord: 1) screening tenants, 2) figuring out what to do if a tenant is delinquent on rent, 3) getting maintenance requests/calls early in the am. I will be honest that I know I can learn how to screen tenants well and set in place a system so that the tenant will not be delinquent in rent (I'm planning on using the Cozy app). My realtor has a handyman and contractor that she has recommended but I worry about crazy maintenance related things happening at 2am that I may not know how to handle since I am NOT handy at all.
My biggest worry is that there is something that I am negligent about as a landlord simply because I am a new landlord. Laws/regulations that I did not know about specific to my state/county/city (I live in Hickory, NC). I think maybe a property management company, may already have systems in place and have more up-to-date info related to rentals that I may not be privy to.
Also, I work a 8-5pm job that is hard to take a break and take phone calls. I am really on the fence about either managing the property myself or asking a property management company. Any advice?
Thanks!