 RENTING TO FAMILY (by JOSIE [FL]) May 21, 2016 1:23 PM
 RENTING TO FAMILY (by RathdrumGal [ID]) May 21, 2016 1:43 PM
RENTING TO FAMILY (by Barb [MO]) May 21, 2016 2:00 PM
RENTING TO FAMILY (by Robert,Ontario,Can [ON]) May 21, 2016 2:43 PM
RENTING TO FAMILY (by Martin [CO]) May 21, 2016 2:48 PM
RENTING TO FAMILY (by Robert J [CA]) May 21, 2016 3:29 PM
RENTING TO FAMILY (by Vee [OH]) May 21, 2016 4:22 PM
RENTING TO FAMILY (by rentON [PA]) May 21, 2016 4:39 PM
RENTING TO FAMILY (by Mick [CA]) May 21, 2016 5:04 PM
RENTING TO FAMILY (by TAZ [CT]) May 21, 2016 7:35 PM
RENTING TO FAMILY (by BRAD 20,000 [IN]) May 21, 2016 8:10 PM
RENTING TO FAMILY (by myob [GA]) May 22, 2016 4:09 AM
RENTING TO FAMILY (by myob [GA]) May 22, 2016 4:09 AM
RENTING TO FAMILY (by Gary [OK]) May 22, 2016 6:55 AM
RENTING TO FAMILY (by Rich [PA]) May 22, 2016 7:05 AM
RENTING TO FAMILY (by allin [VA]) May 23, 2016 8:28 AM
RENTING TO FAMILY (by JOSIE [FL]) Posted on: May 21, 2016 1:23 PM
Message:
State Specific Question About: FLORIDA (FL)
There is a family member who wants to rent my house for way below market rent but it barely covers my mortgage, then all the other landlord repairs and emergencies. He's got a bad credit rating with 2 bankruptcies doesn't own a house has a job pays well enough for a young single person but does not handle money well and he's starting a family too. --98.249.xxx.xxx |
RENTING TO FAMILY (by RathdrumGal [ID]) Posted on: May 21, 2016 1:43 PM
Message:
You already know the correct answer. Dont do it. The only reason he wants to rent from you is that he doesnt qualify any place else and he is trying to take advantage of you. Also, there can be tax ramifications for you if you do this. --204.227.xxx.xx |
RENTING TO FAMILY (by Barb [MO]) Posted on: May 21, 2016 2:00 PM
Message:
Unless this is your own child, and you want to make sure your grandchildren have a roof over their heads, don't do it. We do things for our own kids we won't do for other people's kids, even cousins, nieces and nephews. You are under no obligation to support this young person.
So don't! --64.251.xxx.xxx |
RENTING TO FAMILY (by Robert,Ontario,Can [ON]) Posted on: May 21, 2016 2:43 PM
Message:
Does not handle money well one already knows rent even at reduced rate is already going to be a problem. After a few months one is going to end up evicting. What about the utilities on the house. Some people feel should be a right even if that right infringes on the rights to make a living. If there is willful damage then the cost of repairs can be a lot more. One is not charity. The family member can rent somewhere else. Lower rent rental units are a lower standard so those things go hand in hand. --74.220.xxx.xx |
RENTING TO FAMILY (by Martin [CO]) Posted on: May 21, 2016 2:48 PM
Message:
Listen closely to what RathdrumGal said. If you rent to a relative for less than fair market value, there can be tax implications. I strongly recommend that you NOT rent to him. but if you are even going to consider it, study and learn about what this could cost you, in addition to all the other costs. Make no mistake, this person will not pay rent on time. Sometimes not at all. But he will expect you to accept all of this because it is for family.
Then, one day when it suits him, he will simply leave (after sufficiently trashing your place) and you will have thousands of dollars of repairs/make-ready costs, and an empty place for weeks or months while you fix it and find a new tenant. Of course, he will again expect you to accept this, and not sue the pants off of him, because it is for family.
If you do this, just be ready for these consequences. Some or all of them will absolutely occur. As Barb mentioned, would I do this for my son or daughter? I would at least think about it. In some cases I have. In others, I have not. But for anybody else, it is a quick an easy "no". That does not mean that I won't help them. If I think it is in their best interests, and is in my ability, I will help them find a place, and for certain family members might help them a little financially. But I am not going to let a family member kill my business. Think of Homer Simpson designing the car for his brother's automobile company. Keep family and business separate. It will keep family together. --174.29.xx.xxx |
RENTING TO FAMILY (by Robert J [CA]) Posted on: May 21, 2016 3:29 PM
Message:
I had a family member, A cousin, that wanted to rent a home here in Los Angeles. His marriage was on the rocks and his wife wanted to move to L.A. from out of the area. The public schools associated with my rentals are tops on the State and since my cousin has 3 children, he would no longer have to pay $30,000 for private schooling.
My cousin and his wife have excellent credit and FICO scores, over 800. Their combined income is around $200,000. They have never gone bankrupted or not paid a bill.
So when they asked to see one of my vacant homes while visiting, they loved it and asked to temporarily live there. They even offered to pay the market rent.
So with all of the positive things above, what do you think my answer was??????
I first called my cousin's parents, also relatives. I asked if they would guarantee the rental payments even if his son got divorced. The parents said I was on my own, they didn't want to take responsibility. They are rich.
So I told my cousin that I can NOT rent to him. There were two reasons. If he got divorced his wife and kids would keep on living in my property and he's have no say in what goes on. Second reason, when they moved out, I couldn't sue family members of damages that children caused. This was a problem waiting to happen.
On the other hand, I've rented to other family members who lost jobs, had medical issues or lost a spouses and couldn't afford to raises a family and keep a roof over their heads. I given discounted rent to family members as a form a charity.. Never raising rent even after 10 years. But when a charity case starts to get their life back together and makes good money, the charity has to stop and they have to carry their weight. --173.55.xxx.xx |
RENTING TO FAMILY (by Vee [OH]) Posted on: May 21, 2016 4:22 PM
Message:
Below market rent - no, unknown repair skills - no, bad credit rating - maybe if prepaid, bankruptcy - is this discharged? When you can write nothing on the good side of the paper filled with bad it may be best to sell this place as your manager skills are overloaded, if you recently experienced 6 or 7 digit lottery winnings and are looking to invest where you know a lot of money will be lost in a hurry this makes sense to avoid paying income taxes. --76.188.xxx.xxx |
RENTING TO FAMILY (by rentON [PA]) Posted on: May 21, 2016 4:39 PM
Message:
JUST SAY NO! --72.95.xxx.xx |
RENTING TO FAMILY (by Mick [CA]) Posted on: May 21, 2016 5:04 PM
Message:
RENTING TO FAMILY (by TAZ [CT]) Posted on: May 21, 2016 7:35 PM
Message:
I think you pretty well listed every reason to say "no" in your post. Unless you want to support this family member and his new family, just say "no". --32.211.xxx.x |
RENTING TO FAMILY (by BRAD 20,000 [IN]) Posted on: May 21, 2016 8:10 PM
Message:
Josie,
The subject line of the post was all I needed to read to say no.
I'm hoping you posted this as a "can you believe he even asked!"
Stay strong!
BRAD --73.146.xxx.xxx |
RENTING TO FAMILY (by myob [GA]) Posted on: May 22, 2016 4:09 AM
Message:
I don't rent to family or friends-- and it goes with my no lending money either----- just in case they think a loan is their next question. --74.184.xxx.xx |
RENTING TO FAMILY (by myob [GA]) Posted on: May 22, 2016 4:09 AM
Message:
I don't rent to family or friends-- and it goes with my no lending money either----- just in case they think a loan is their next question. --74.184.xxx.xx |
RENTING TO FAMILY (by Gary [OK]) Posted on: May 22, 2016 6:55 AM
Message:
If rent is set to barely cover mortgage you will get a lot less rent money with the family member. They will have a ton of reasons they can't pay. --72.222.xxx.xxx |
RENTING TO FAMILY (by Rich [PA]) Posted on: May 22, 2016 7:05 AM
Message:
Being an effective and successful landlord requires you to use common sense. There is nothing on the plus column for you to even consider this tenant.
Now, if you have unlimited personal resources and enjoy the drama of running your business as a social service, then go for it. It would be easier for you to sell your units and volunteer your time at the local homeless shelter or low income charity. --100.6.xxx.xxx |
RENTING TO FAMILY (by allin [VA]) Posted on: May 23, 2016 8:28 AM
Message:
Never rent to anybody you would not evict.
--192.94.xx.xx |
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