All Forum Posts by: Michael Alford

I use the Schlage keypad locks on my duplex, and they have been wonderful. Tenants love being able to have additional code(s) for dog walkers, maids, etc. I love being able to enter without having to worry about having any key. Plus I set their garage door opener to the same primary code as their door, so I always have access to that if necessary too. I do pay a locksmith to rekey the backup key lock to my master key, but that's only once per install. Pro Tip: I keep a pdf copy of the programming instructions on my smartphone, so I always have it handy, along with my unit codes in a secure password app.

I lived through this myself, when I moved into the better unit in a Goleden Hill duplex that I picked up in 2013.

Everything @Kimberly T. says is spot on, based on my experience.

I worked very hard to show that I was being as reasonable as possible, while staying firm on the dates that we had agreed for them to move out.

My tenants were there for less than one year, but I still gave them 2 months notice, plus I gave them a few hundred to help with "moving fees" and offered to serve as a good reference.

I did give them the option to move into the other unit that I was about to rent, but they declined because they couldn't afford the new rent after I upgraded it.

They did try to stretch their stay beyond the 2 months, but I didn't put up with that and stuck to the dates in the  Termination of Tenancy form.

Welcome to BP, which I'm finding to be a tremendous resource.  I recommend listening to all the podcasts, and pick up the BP-sponsored books, which are very good.  Buying a few books is also a nice way to support the community, while getting a ton of great info from the overall site and community.

I'm relatively new too, having a single rental property.

Step one is to determine your goals... Then you can work on strategies to achieve them. There are so many different types of REI to consider!

Tough to find cash flow properties here in San Diego though.

I bought my Golden Hill duplex in 2013, fixed it up, and now get a good chuck of my mortgage paid for while living in one unit.  When I move out, I will have a small positive cash flow, but nothing like you could get by investing out of state.

I'm now starting to look for my next small-multi property to house-hack again, while also trying to figure out an out-of-state strategy to get better returns.

Best of luck to you!

Mike

And thank you for posting a topic that I could speak to!

This was actually my first post on BP.

I was determined to have my first post be something that might add value to someone, so I can pay it forward.

:-D

Have you been a landlord before?

I own a duplex in Golden Hill in San Diego.. (My first time as a landlord... or homeowner)

I've had it for two years now, and am now looking to buy another small multi.

When I contacted my bank, I was told that it was a good thing that I had two years of landlord experience under my belt, because that it's what they require to count the rental income.

When I bought my unit, I made sure that I would be able to cover the entire mortgage, even with 100% vacancy.  I highly recommend this more conservative approach for first-time landlords.

Knock on wood, but my place has been doing great, but it has been nice knowing that the worst case scenario is still manageable.  ;-)