Renting to relative/Part Deux
We have decided that we will rent to a relative/close friend. Significant Other is balking/hesitant at having this tenant sign a lease. Do you all think a lease is necessary or can we just outline what we want: no pets, no smoking etc.? We are not too worried about the term of the stay -…
We have decided that we will rent to a relative/close friend. Significant Other is balking/hesitant at having this tenant sign a lease. Do you all think a lease is necessary or can we just outline what we want: no pets, no smoking etc.? We are not too worried about the term of the stay – if the tenant opts out before a year is up, all the better for us.
I would do a lease (based on my own bad experience in the area). Use a standard lease (from the stationary store) and make it terminate at anytime with a 60 day notice period. That way they can leave when they want to but they can’t wake up one day and say “I want to move” and leave you without rental income while you look for a good tenant.
If you want to be nice to them, ask for a smaller or no security deposit.
Talk to your accountant about the tax implications. If you don’t charge enough rent to your relative, the government may disallow the deductions you can take as a rental property. Good Luck.
I have the right to request “no smoking”. Last I checked, it’s not illegal to select only non-smoking tenants. I have a newborn and don’t want to subject him to fumes. Everybody OK with that now? Now, how about foregoing a lease (understanding that certain tenant’s rights are in place statutorily)?
I have the right to request “no smoking”. Last I checked, it’s not illegal to select only non-smoking tenants. I have a newborn and don’t want to subject him to fumes. Everybody OK with that now? Now, how about foregoing a lease (understanding that certain tenant’s rights are in place statutorily)?
Anyone who thinks they have a God given right to smoke in someone else’s building, needs to save up enough money to buy their own place. Or only rent places with balconies, or garden or roof access.
Smoking inside stains walls and woodwork, and leaves a smell that is difficult to remove. If a place is carpeted, the carpet and pad will have to be ripped up and replaced. Get real, people. Just how addicted are you?
Right on, 10:30…I’d ban smelly cooking, perfume, castanets and long showers, too.
The only bad tenant I ever had was a relative.
“Anyone who’s controlling enough to prevent a tenant smoking in their own space has no business being a landlord”
nonsense.
Anyone who’s controlling enough to prevent a tenant smoking in their own space has no business being a landlord.