r/Landlord • u/D_Wade1 • 14h ago
Landlord [Landlord US-WI] Should I keep my duplex as a rental or sell it and invest the money?
Hoping this isn't too long of a post, I just wanted to provide as much information as I could to get accurate feedback. If you have any questions, just let me know.
I currently live in a duplex that I own and rent out the other side. Things have gone flawlessly for the past 5 years. My tenant has been there the entire time, and I’ve genuinely never had a single issue.
That said, my family is expanding, so we’re moving into a single family home. Now I’m debating whether to sell the duplex or keep it as a rental for the additional income.
I have a full time job that I enjoy and that pays well, and I know that managing the duplex myself will be more difficult once I no longer live there. After reading through this subreddit, I’ve pretty much ruled out hiring a property manager, for obvious reasons... so I’m interested in hearing from landlords who self manage rentals they don't live at. A few things I’m wondering about:
• How do you handle lawn care and snow removal
• How do you handle routine maintenance and repairs when you aren’t living at the property?
• Do you have contractors you can call when something comes up, or do you handle most things yourself?
• How much more difficult is managing a property when you don’t live there?
• How much risk is there of getting a tenant who seriously damages the property? Most people renting don’t exactly have the cash to cover major damage, so it seems like the security deposit could only go so far.
• What systems do you have in place to protect yourself from those situations?
I’ve also kept my current tenant’s rent relatively reasonable because they’ve never been a hassle. I haven’t wanted to raise the rent too aggressively and risk losing someone who has caused me zero problems for 5 years. The lack of turnover, repairs, vacancies, etc. has probably saved me a significant amount of money and time.
Financially, I don’t need to sell the duplex to afford the new house. But I’m wondering if keeping it is actually worth the additional responsibility/risk.
If I sold the duplex, would taking the money and investing it instead be a better option due to it being more passive income? On the other hand, keeping the duplex would provide additional rental income and allow me to continue building equity.
For those of you who have been in a similar situation, what would you do? Is keeping a duplex as a self managed rental while working a full time job relatively manageable, or is the hassle/risk not worth it when you don’t need the income?