(Closed) Need help deciding who to rent my house to…

posted 7 years ago in Home
  • poll: Who would you rent to?
    I would rent the house to my friend. : (15 votes)
    58 %
    I would work with the agent to rent the house. : (10 votes)
    38 %
    Other : (1 votes)
    4 %
  • Post # 3
    Member
    10367 posts
    Sugar Beekeeper
    • Wedding: September 2010

    I think renting to a friend is a really bad idea, because you are mixing friendship with business. I think it’s really important to be able to be impartial when it comes to repairs/upgrades/needing to ask a tenant not to do something. I would personally never rent from a friend for this reason. I’m super responsible, but what if they were really micromanaging about the property? What if they didn’t get things fixed right away? What if I need to call an inspector in to enforce my renter’s rights, but I don’t because I don’t want to ruin the friendship? It’s just all around not a great idea.

    Post # 4
    Member
    1014 posts
    Bumble bee
    • Wedding: May 2011

    if it were me, i’d rent to my friend.  when you figure in the commission, plus the 10% fee per month, you wouldn’t really be getting much more per month from an agent’s renter vs. your friend.  i’d rather have a friend rent it out, and still be able to keep it listed for sale.  having to take it off the market would be way more of a challenge to me than coming up with an extra $200 per month.  but if you’re really not in a hurry to sell, and want to hang onto the property as a long term rental, it would make sense to have an angency handle it now, rather than end up there later, anyway.

    Post # 5
    Member
    3363 posts
    Sugar bee
    • Wedding: September 2009

    Is there a reason you want to go through an agent?  I own a condo accross town and I rent it out on my own.  It is pretty easy.

     

    Post # 7
    Member
    6009 posts
    Bee Keeper
    • Wedding: May 2009

    We have a rental property (and are currently looking at buying a second one), and I have to say that renting to a friend can really muddy up your relationship.  If something happens, like damage to the property or your renter losing his/her income, it’s a lot easier to get repayment or take the renter to small claims court (if needed) if the renter is not your friend.  We all like to think our friends would never take advantage of us, but it’s not always true. 

    Post # 8
    Member
    2018 posts
    Buzzing bee
    • Wedding: December 2010

    First of all, what Crayfish said.  Don’t risk losing a friendship over a rental.  Second, use the agent.  I’ve been a landlord and it’s not only time-consuming to screen and vet potential renters, it’s a real crapshoot.  I’d rather have someone else responsible for doing that, plus they are professionals.  They’ve seen it all and can probably recognize potential problem renters better than you can.

    Post # 9
    Member
    3363 posts
    Sugar bee
    • Wedding: September 2009

    @pinky44:  Oh, I see.  I am only 10 minutes away from mine, so it makes sense for me to do it.  But if I were further, I would go through an agency.  Renting to a friend is tricky.

    Post # 10
    Member
    2030 posts
    Buzzing bee
    • Wedding: December 1969

    I see a huge potential for conflict with the scenario of you renting to your friend and requiring him to keep the home ready for showings. That is very draining on a person and I forsee that as time goes by, he will be less and less inclined to keep the home as tidy as you expect, especially if he’s a bachelor with a male roommate. Plus, that is a conflict of interest; if he puts forth the extra effort to help sell your house, then he’s out of a cheap home. It would be in his own best interest to not help you. And what are you going to do if he doesn’t keep the home ready for showings? Kick out your friend? It sounds like a bad scenario all around.

    Post # 11
    Member
    7431 posts
    Busy Beekeeper
    • Wedding: October 2009

    I agree, don’t rent to a friend!

    Post # 12
    Member
    916 posts
    Busy bee
    • Wedding: April 2011

    I think if your biggest priority is to get the house sold, then you really have to rent to the friend.  Getting locked into a lease with a renter means you have to take it off the market.  My parents inherited my grandfather’s house, and while they are trying to sell it they are renting it as a weekly vacation rental on vrbo.com (luckily for them, it is in a shoreline neighborhood so they have a weekly rental market, though the market to buy vacation homes is terrible right now). 

    Post # 13
    Member
    2233 posts
    Buzzing bee
    • Wedding: September 2012

    Totally agree with crayfish, don’t mix friendship and business. Also, I’m not really sure how your friend would be able to continue showing the house if you’re renting to him? Would it be a temporary lease?

    I think it’s better to just try to sell the house for now and if it doesn’t work out then find a renter. Yes, you may not know the person but you need to do a credit and background check either way. Please don’t skip this important step even if you decide to rent to your friend. He may be a trustworthy individual but people are not exactly up front about their finances and you need to be aware of his situation.

    Post # 15
    Member
    1932 posts
    Buzzing bee
    • Wedding: June 2008

    @pinky44: Either way, make sure there is a lease. 

    I said through an agent. 

    We rented out first place through craigslist, it was the lower level of someone’s home. And we had issues because it wasn’t a legal contract, and in the end she had expected certain things that weren’t in the lease. Like, she took out $100 from our damage deposit for carpet cleaning, and when I asked what was wrong with the carpet she said there was so much hair from the cat she had to get it cleaned. But she had agreed to the cat, and the least said normal wear and tear, I vacuumed once a week and really didn’t find any cat hair when we left. She said we should have been vacuuming more often, um, you should have put that in the lease then. I dropped it eventually, but I was really mad when we left that she had made up all these crazy expenses and wouldn’t give us back our deposit.

    If you want them to take good care of the house, put it in the lease. State that the well-being of the property is important and request that they do certain cleaning procedures every so often. Schedule a once-a-month walk thru to be sure everything is being done the way you specified.

    I agree with some of the other bees, don’t mix your friendship with business, it becomes really sticky. 

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