Hi All,
Just wanted to throw the question out there if anyone has been in the situation where they have purchased a vacant house next door and then rented it. Can anyone share pros and cons of renting to your neighbours?
Thanks.
Why do it yourself?
I prefer to keep an arm’s length distance from my tenants. Any issues are solved by the PM intermediary.
Having them next door leaves yourself open to all sorts of ‘abuse’ – knock on the door at midnight – hot water is kaput, please fix – not for me.
Derek
[email protected]Property Investment Support Available.
I would probably do it but not let them know that I own the place. Leave it all with the Property Manager.
Robert Bou-Hamdan
Mortgage Adviser
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Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdI lived in the complex of four that i owned and the tenants didn’t know.
I would just let the PM know everytime something was happening that I didn’t like.
It worked quite well and kept my mind at ease….in the beginning.
Byronent
Adelaide SAHi Gunner,
We have 2 homes on the 1 block, we live in the back house and rent the front one. I still use a pm so I don’t have to deal with the rent. We have become friends over 2 years they have been there, they collect our mail when we are away and I do their lawn which was not in the lease. Sure if their is a problem they will tell me about it but on the other hand if they want to do something they will ask too, like painting or adding a garden at their cost. I suppose it depends on the tenant. We just put rent up $15pw no problem.
RoboHi Gunner10
The question is how precious are you about your properties? I used to work with someone who bought a place around the corner from where they lived. The went past it all the time (just to check on it) and continually complained about what the tenants were/were not doing. My thoughts are, if you can distance yourself, it is fine, if not, don’t. Some people can, some can’t. Just remember, it is not YOUR home. Use a PM to avoid issues, and don’t let the tenents know you own. And good luck.
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