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Colleen G | Am I crazy for renting to family? |
My husband took a new job which required us to move 2000 miles away. Our house has been on the market for sale for 60 days but we have had no offers. We have it reasonably priced but the market is slow and a lot of houses in that area are not selling. The costs of two households is going to become a strain soon so we are considering placing it for rent. Knowing this my son has asked if he can rent it from us. He just got married to a very nice woman but I have only met her once. They got married a week after we moved. They have agreed to sign a lease and they have been told of the requirements that will be in the lease. I have not asked to pull their credit but I have asked for prior rental references. They have also agreed to pay a deposit the same as any tenant would. I want to give them a chance and it would help our situation but I have always heard you should not rent to family or friends. So am I crazy for considering this? |
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pinkluxe
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Welll...it's a sticky situation. The reason they say you shouldn't is because you will inevitably do things for them that you wouldn't do for some random person that you do not know. And those things are the things that will come to haunt you the moment something goes wrong. If you are going to do this, do it just as you would with anyone else-nothing less. If he's your family, he will understand.
Wouldn't you rather have him do things that seem kind of silly and unecessary for a family member (but that would be perfectly normal for anyone else) to avoid the "I should have done this, I should have known better" conflicts that could arise the moment he starts taking advantage of you? Just treat him like you would any other tenant-keep record of EVERYTHING, make him pay on time, charge late fees, everything. You will avoid resentment later on. (But this is why it's a bad idea, because no one ever does it by the books w/ family and the family member always ends up taking advantage of you) |
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Jo Blo
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sort of yes.. nothing good will come of this,, only bad feelings in the end. |
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Lucie
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I think some of it depends on your son. If he is responsible you may find that it is not a problem, if he isn't you may regret it. You might also try to see if your realtor will handle the rental. If it's going through an "official" business it won't be as easy for your son to pay late, or any of the other issues that people have brought up. |
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goglefi
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depends on you. I have an apartment that I have only rented to friends and family. I travel a lot, the apartment is attached to my house. I would rather have someone in it that I know very well and they usually watch my dogs when I'm gone.
I don't owe a separate mortgage on it so I don't really care if I get rent or not, although that has never been a problem. I guess if your kid is not responsible don't do it. don't rent it at all. I've had other rentals which I rented to people who interviewed well but when they left I had to spend any profit to fix the house. If you don't use a property management co. and you are 2000 miles away you might as well throw a match on it and walk away. |
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It All Matters.~☺♥
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YES! You are crazy! This is an enormous sack of worms, and you know it already, don't you? |
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dragonfire
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there is a general rule in business
NEVER do business with family
and renting, be a house, an apartment or a shack, is a business
the trouble is even with a lease agreement, family members think they got an added edge to be lax on payments, upkeep of the unit and so on, and thus can be a trying tenant
so yes i would ill advise it
after all let hem get a true taste for going it on their own, not somewhat subsidized by family |
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calliope320
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I think that there are definately pros and cons. Assuming that you have a decent relationship with your son (although I have to wonder, if you missed his wedding?) it should work out pretty well.
Pros:
* You can trust him to not gouge prices on you for repairs. Another tenant would be harder because you're so far away.
* You're helping out your son, which is good karma.
Cons:
* If he goes through a tough financial spot, you'll feel bad about evicting him. (But if he got evicted from somewhere else, you'd probably help him out financially anyway.)
* It's harder to charge children for cleaning when they leave. Luckily you're asking for a deposit.
My sister just moved out of my mom's rental home. She lost her job, so she sent her kids to their dad's and moved in with her boyfriend to live cheaper. My parents were out of the country at the time. She didn't have a lease, hadn't left a deposit for cleaning, and didn't give 30 days notice, so my other sister using her rent money (plus money from me that's going toward what I owe my parents) to have the repairs done by the time my parents come back to town.
My other sister, on the other hand, has been renting the other side of the same duplex for many years without any problems. She and her husband do work around the house that other tenants would have charged for, they take better care of the garden, and they're doing the majority of the labor fixing up the other unit. (My mom's paying them by deducting it from their next month's rent, but it's still much cheaper than paying someone else to do it.)
So, it can be good or bad. It sounds like you've got your head on straight though. |
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birdsdafly
 |
So many peoples have made this mistake renting from family, is a big PROBLEM. |
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hiiRA iiS kOol=]
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yes you are crazy stupid weird |
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Cindy
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It has worked. I have a good friend who has rented to his son for 2 years. The son has never been late on the rent.
I have another friend who has rented to son who is 7 months behind on the rent.
He made his son sign a lease and made everything as official as possible. You know your son best.
If the house will just sit empty what do you have to lose?
I figure you have a 50/50 shot at this working.
Best of luck |
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