Would you ever rent to a family member? Why or why not? Have you ever rented to family and if so was it a good or bad experience?
This is me saying nooooooooooooooooooooooo! Okay, I'll answer in two parts. If I'd have an empty rental, I'd never in a million years mention that it's empty to family members. Bad blood could come up fast the first time they couldn't pay the rent and think I'd be fine with that because they're family. If they're destructive, how could I evict? If they turn out to be a slob, how could I mention that without more hurt feelings? Renting to family members would just be a can of worms for me. (And I happen to have the best family in the world... something like this could ruin that fast, I think.) Now, that said, if it would be a child of mine, of course... I'm excluding offspring when grown and needing a place to live. But the second part is that if there's a family member who's about to be homeless or truly in a very bad situation, I'd try my best to work something out with them. I enjoy helping people and do that whenever I can, but I also try to look ahead to see what possible sticky issues could come up.
I have the same exact feelings i just wanted to see if someone else had an opinion on the situation. Thanks for sharing But I completely agree which is why I posted this to see if it was just me who felt this way.
I wouldn't do that either, I think that separating business and family it's wise because both don't mix. Renting to family would be pretty much creating a really awkward situation, what if they could not pay? What if they were late? Do you want to deal with that?
Yikes! that's a big NO from me, mixing business with pleasure/relatives...i don't think so, there are bound to be squabbles in the latter end and ugly ones at that, although when a professional real estate agent is in place and legal paperwork binding, i don't think they'll be a problem because we are abiding by the rules and regulations in place.
I feel as if i would never want too. Just because of the fact that if they start struggling money wise, they will want to delay payments more and more or hope you would drop the amount to help them. It then becomes a bad situation for you then.
No way! Don't do it!!!! No matter how close or not close you are with them, don't do it. It will only cause conflicts and awkwardness for you as a landlord. It may seem like a nice gesture now but later down the line you may be wishing that you never rented out to somebody that you know. @Kate is 100%right on what she said. Take our word for it
Set out some formal ground rules, contract it up, and avoid doing any sort of favors -- as this can lead to a sense of entitlement. If you lay it all down properly so they know exactly what they're getting into and so do you, then there is little left to dispute over. Whereas I think if you take it too casually (or they do), then you could both gain a sense of being walked over or unappreciated.
Yes, that can also be done rich, but making a formal contract can mean nothing you know. I am imagining the Christmas dinner lol and the discussion of the contract because your brother can't pay...
I agree with this 100% Got to avoid giving any sort of favours and make sure they agree to the contract and have read through it before complaining at a later date.
