Share my property management take aways from house hacking a duplex early in my investing career. I learned an enormous amount that first year and realized property management was a lot easier than I'd previously thought.

Curious to hear what others have experienced that worked well.

1. Establish Clear Boundaries: Set clear boundaries with your tenants from the beginning. Clearly define which areas are common spaces and which areas are exclusive to each unit. This helps prevent conflicts and ensures everyone respects each other's privacy. Built it in the lease.

2. Screen Tenants Thoroughly: Take time to thoroughly screen potential tenants for the other unit. A careful tenant selection process can help avoid issues later on. Check references, conduct background checks, and evaluate their rental history. Follow local ordinances & fair housing laws!

3. Written Lease Agreements: Always use written lease agreements that detail the terms of the tenancy, including rent amount, due date, maintenance responsibilities, and house rules. This document protects both you and your tenants and helps prevent misunderstandings. in my local Market of Seattle, RHAWA a landlord/tenant organization has fantastic attorney written library of documents that is very affordable and keeps up with the fast and furious changes in the law.

4. Regular Maintenance: Implement a regular maintenance schedule for both units. Address maintenance requests promptly to keep the property in good condition and maintain a positive relationship with your tenants. Set the expectations prior to tenancy for common area maintenance: lawn, driveway, ect.

5. Emergency Contacts: Provide tenants with a list of emergency contacts, including your contact information and local repair services. This ensures quick response times in case of urgent situations like leaks, power outages, or security concerns. Set expectations of hours of operations. No need midnight phone call because a light bulb is out.

6. Transparent Communication: Foster open and transparent communication with your tenants. Encourage them to report issues promptly and address their concerns in a timely manner. Similarly, keep them informed about any property-related matters.

7. Reserve an Emergency Fund: Set aside a portion of the rental income as an emergency fund for unexpected repairs or maintenance. Having this fund ensures you can quickly address any urgent issues without affecting your financial stability.

8. Enforce House Rules: Clearly communicate and enforce house rules to maintain a harmonious living environment. This could include guidelines on noise levels, parking, garbage disposal, and other common concerns. This is a must, you cannot let things slide as it sets a precedent which is difficult to reverse.

9. Document Everything: Keep detailed records of all interactions with your tenants, including maintenance requests, repairs, communications, and rent payments. This documentation can be invaluable in case of disputes. I kept a journal of verbal conversations if they were important.

10. Plan for Transition: If you decide to move out of the unit you're living in, plan for a smooth transition with your new tenants. Ensure they understand the management structure and responsibilities, and provide them with a point of contact for any issues.

Seattle, Washington

8 Votes