Rent SFH to Business?? (by Bryan [TN]) Jan 15, 2015 9:28 AM|
Rent SFH to Business?? (by Bill [TX]) Jan 15, 2015 10:04 AM
Rent SFH to Business?? (by Frank [NJ]) Jan 15, 2015 11:01 AM
Rent SFH to Business?? (by Ken [NY]) Jan 15, 2015 11:04 AM
Rent SFH to Business?? (by SMB [OH]) Jan 15, 2015 11:28 AM
Rent SFH to Business?? (by Michael [IA]) Jan 15, 2015 12:17 PM
Rent SFH to Business?? (by Joni [KS]) Jan 15, 2015 12:26 PM
Rent SFH to Business?? (by Bryan [TN]) Jan 15, 2015 12:59 PM
Rent SFH to Business?? (by Mike45 [NV]) Jan 15, 2015 3:31 PM
Rent SFH to Business?? (by Vee [OH]) Jan 15, 2015 7:47 PM
Rent SFH to Business?? (by LiveTheDream [AZ]) Jan 15, 2015 7:52 PM
Rent SFH to Business?? (by Kim [WV]) Jan 15, 2015 11:18 PM
Rent SFH to Business?? (by J [FL]) Jan 16, 2015 7:28 AM
Rent SFH to Business?? (by Andrew,Canada [ON]) Jan 16, 2015 7:44 AM
Rent SFH to Business?? (by Bryan [TN]) Posted on: Jan 15, 2015 9:28 AM
Has anyone ever rented a SFH to a business?
I just received a call from a business owner that wants to rent a newly renovated home from me. He said that he had 4 men that would be working in the area for the next few years. They are in town 3 weeks then back home for 1 week. While they are out of town 3 or 4 different employees replace them so the company keeps a presence continuously.
At first I was thinking that I would need an application from each individual but if there are 8 or more... The business (some type of telecommunications company that Comcast and several others sub out to and they have been in business for over 8 years) owner said their business does background checks on their employees.
Do any of you have any experience with this type of situation? If so do you have any advice for me...more or less risk/wear and tear on the property/how to go about running applications (and on who), or run away ;) ?? --107.3.xxx.xx
Rent SFH to Business?? (by Bill [TX]) Posted on: Jan 15, 2015 10:04 AM
I would imagine a lot more wear & tear. I see a large security deposit, 25-50% higher rent, and frequent inspections.
Can your place handle parking for 4 vehicles?
You could make some good profit if you are willing to actively manage and stay on top of the situation.
Rent SFH to Business?? (by Frank [NJ]) Posted on: Jan 15, 2015 11:01 AM
my POV is that you will never really know what miscreants and d-bags they will have in your house.
with that said it would do no harm in to get some writings from them detailing what they are looking to do. --70.192.xx.xx
Rent SFH to Business?? (by Ken [NY]) Posted on: Jan 15, 2015 11:04 AM
I can imagine a bunch of guys won't clean the place very well,when a bunch of guys travel out of the area and work like that they make more money than they are used to and often have drug and prostitution problems.I wouldn't do it if it is a nice house in a nice area,I would consider it if it needs to be redone sometime down the road anyway and you can delay that and collect more rent than otherwise. --24.92.xx.xx
Rent SFH to Business?? (by SMB [OH]) Posted on: Jan 15, 2015 11:28 AM
A condo next to mine is leased this way. Guys come and go, I believe it is actually leased in the name of the company they work for. It's more like a hotel than a condo, but it seems to work for the owner and I've never heard anyone complain about the guys that come and go.
I suppose as long as you have a good contract and it's with the company, not the individuals, it could work. I imagine it will take some work to get the lease worded properly though. Maybe you could do month-to-month just in case it doesn't work out? BIG deposit! --12.32.xx.xxx
Rent SFH to Business?? (by Michael [IA]) Posted on: Jan 15, 2015 12:17 PM
I have one half of a duplex rented this way. It is rented directly to the company whom is responsible for any and all damage. I also provide rented furniture and all utilities as well as internet.
I only wish I could rent out a few more this way as it is hassle free and pays very well by direct deposit from the company. --173.19.xxx.xxx
Rent SFH to Business?? (by Joni [KS]) Posted on: Jan 15, 2015 12:26 PM
My FIL rented a house about 10 years ago in a town about 3 hours away. They sent work crews weekly and they worked approx. 4-10 hr. days., they would come in on Monday and leave Thursday nite or Friday am to come home. They also hired a lady in town to come in and clean every weekend to clean, change bedding, wash kitchen/bath towels. She would have everything ready for the crew to come in the next week. It worked out very well, I mean the guys didn't clean up much after themselves and drank beer but they didn't tear anything up. Maybe you could provide this service for them and this way you could keep an eye on your place and get paid for that as well? --24.224.xx.xx
Rent SFH to Business?? (by Bryan [TN]) Posted on: Jan 15, 2015 12:59 PM
Thanks the input thus far (all good advice).
Joni, the owner did mention the possibility of having a weekly cleaning service. I was almost convinced (until he said for the week they are out of town...he would have another team replace them).
Still looking into it; and may require a cleaning team of my choice (people I use) to be used and paid by his company.
I may also take the advice of a month-to-month lease.?. --107.3.xxx.xx
Rent SFH to Business?? (by Mike45 [NV]) Posted on: Jan 15, 2015 3:31 PM
I have no problem with the "tenant" being a business, but I do not like the idea of my house being used as a motel for a revolving bunch of guys. Too much wear and tear, too much destruction.
Rent SFH to Business?? (by Vee [OH]) Posted on: Jan 15, 2015 7:47 PM
You need to have the cleaning people watching out for you, add to rent, they pay for damages within 45 days - you want that in the lease... --75.94.xxx.xxx
Rent SFH to Business?? (by LiveTheDream [AZ]) Posted on: Jan 15, 2015 7:52 PM
I think it would depend. There are corporate housing companies that seem to do well. Often these guys are too tired at the end of the day to do much but watch some tv, drink a beer and go to bed.
I worked a job in FL once (the 7 Mile Bridge in the Keys - I worked for the architect). We were all on 12 hour, 7 day a week schedules. All we did was work, eat and sleep for weeks on end. And watch our bank accounts grow exponentially! We lived on take out and hired everything out. Cleaning, laundry, etc. I don't recall being particularly hard on the place we stayed.
Rent SFH to Business?? (by Kim [WV]) Posted on: Jan 15, 2015 11:18 PM
The thing I would be worried about is that the people staying there don't have "any skin in the game." So they would have no motivation to take care of the place or furniture or hold down the cost of the utilities. That might be OK, if the furnishings are easily replaced and the company they work for is good about paying promptly for any damages.
I do know one absolute horror story. Corporate rental here in our town. Unit rented to two salesman; paid for by the company. The salesmen drank a lot. They came home one night, completely blotto, entered the wrong unit, and one of them was so drunk he pissed on the couch (thinking it was a urinal) of this other unit where a stranger was staying! The LL got a call about all this at 230 am and had to go out and deal with the situation.
The drunk salesmen were horrified the next day when they sobered up and begged to be allowed to replace the couch themselves if they LL would refrain from notifying the company they worked for. They did replace the couch and nothing was ever said to their employer.
If I were going to do corporate rentals and lease to a company, I think I might want to be sure the people staying there would not be hard-partying sales people.... --173.218.xxx.xx
Rent SFH to Business?? (by J [FL]) Posted on: Jan 16, 2015 7:28 AM
I wouldn't do it...will your insurance still pay out if someone injures themself, and they were running a business out of the home? Mine won't. --72.188.xx.xxx
Rent SFH to Business?? (by Andrew,Canada [ON]) Posted on: Jan 16, 2015 7:44 AM
how are you going to collect from the business if you have to take them to court?
Many of these little telecom businesses around here are fly by night. --70.31.xx.xxx