All Forum Posts by: Cara Fazio

Apparently they don't need wifi (I had the same thoughts about relying tenants service).  I thought about doing the individual locks, but that would only control the deadbolt and not the lock on the door knobs.  Plus, I would have to buy multiple.

I am looking at doing something like this:

https://www.amazon.com/Master-Lock-Bluetooth-Mount...

@Jake Stuttgen

Good to know that lock boxes are common practice. Do you think it is worth it to do the smart lock box or just a standard one?

I am going to be moving out of state and plan to continue self managing my duplex.  For those who self manage from out of town:

How do you deal with simple repairs or maintenance things that need to be done?  I have someone lined up that will have a full set of keys to the property and will be the designated "in case of emergency" contact and I also have a few on call handymen, an HVAC guy, a plumber and an electrician.  However, I don't want to make the emergency contact come out to the house to grant access for small repairs or maintenance items when her only role in being there would be to open the door.

My initial thought was to install a smart lock box in a discrete location where I would be able to give out one time codes (so code would no longer work after job was complete), but I'm not sure the tenants would like the fact that there were keys to their house in a lockbox outside.  Is it reasonable to ask my tenants to be available to grant access for small things? I wouldn't expect them to take time off work or anything, just to let me know some times that work for them so that I can schedule at a time that would be convenient.  Obviously, I would have emergency person handle anything major. Tenants are all very responsible 30 something young professionals.

Would love to hear how other out-of-town self managers handle their basic maintenance requests.

I worked for a non-profit housing developer in the city (did not work directly in that neighborhood, but have been there).  I think it's a pretty decent area as far as east side neighborhoods in Cleveland go, but some streets can definitely be better than others.  It won't be gentrifying anytime soon, but there is a solid amount of owner occupied homes and not a ton of condemned houses in need of tear down like you will see in other areas of the city. As for safety - it isn't Buckeye, but it is still a low income inner city neighborhood. 

I would never go on zip code alone for selecting a neighborhood in Cleveland as there is way too much variation within each zip. 

@Natalie Schanne

I did a HELOC a few months ago, before I knew I was moving (planned to live here another year or two but my BF got an amazing job opportunity out of state)

Appraisal came back at $231k. I think that amount is definitely very conservative, but there really aren’t many good comps for a duplex in the condition mine is in. I would probably list for $279k if I wanted to sell (definitely not planning on that though!)

Have not taken anything out on the credit line as the move has put somewhat of a wrench in my future investing plans. Pretty happy so far with the outcome of my first house hack though!

@Jonathan Dempsey

Purchased my first duplex in September 2107.

Purchased price was $150k and did a full renovation of both units including new windows, roof, furnaces, and adding central a/c (shouldn’t have any major capex for a decade!). I was able to get some great deals on materials, so the units are both now really high end (think quartz countertops for two kitchens and one 48” bathroom vanity for under $2k). Reno was $75k.

Rented out one side for $1730 while living in the other unit. Mortgage payment is $1300 including taxes & insurance.

I am now going to be moving out of the property and have just rented my unit for $1750. So now will have $3480 gross and just under $2k net per month.

Gross rent will be about $3600 combined.  I wouldn't have them involved on the financial end at all.  It really would be more of a watch the place, let subs in as needed, cut the grass in the summer and be the designated person my homeowner's insurance agent told me I would need if I would be living out of state.  The only reason I am considering it is because my sister just moved as well and my parents are only home in the summer, so I really do need to have an emergency person who will be here.  I am just not sure what reasonable compensation would be.

I purchased a duplex last year which is currently a house hack.  It has been quite the experience renovating, moving and becoming a landlord! Now, my boyfriend has been offered an amazing job opportunity and we will be moving out of state at the end of the year.  I am definitely going to be keeping the duplex, as the income it will produce far outweighs the equity I have in it currently, but that now means I have to figure out property management from afar.  

My current tenants are great and have expressed an interest in helping me with the property management.  We are going to sit down and discuss it this weekend, but I would like to go into that conversation having an idea of what I am really going to need from them and what would be a reasonable price for it.  

Does anyone have any experience with an arrangement like this with their tenants?

We did a pretty extensive renovation to the house- kitchens/baths gutted, new appliances, new HVAC, new plumbing, new windows/exterior doors and new lighting. I don't expect to have a ton of repair issues (of course I know there is always something!), the appliances/furnaces are still under warranty and I have people to call if I do have an issue (plumber, HVAC guy, electrician and a general handyman). Also, I plan on having the unit I am currently living in occupied by tenants before we move. I have a snowplow service set up for the winter, but I have been cutting the grass on my own this summer so that is something they could possibly take over.  

I am thinking that I would do something with a small monthly rent credit (maybe $100 off?) and that would cover grass cutting in the summer and a certain amount of their time on a monthly basis if I needed them to let in/supervise the plumber or handyman.  After that I would compensate them hourly if for some reason there were an excessive amount of things for them to handle during one month.  

Does this sound reasonable or am I crazy for entertaining the idea? Would love some feedback!