I have bad experiences renting to relatives because they tend to take advantages of me. If they don't pay you late fees and rent, it's very uneasy to ask them because they will take it personally. They will spread their words like disease to other relatives. If you don't confront with them, you need the money to pay your mortgage and water bill too. Which one would you choose? reputation or money?
2006-09-14 17:54:52 · 10 answers · asked by Cava 2 in Business & Finance ➔ Renting & Real Estate
Well, since I sold the property, I decide not to bother about the balances. I deducted from their security deposit and transferred to the new owner. I will never rent to people I know because I wouldn't want to create any tension between us. I had an Aunt that wanted to move to my vacant unit, and you can't say NO otherwise they feel offended that you don't want to help them. But because my property wasn't ready for them to move in and they have to move out soon, I told them that it will not be ready for them, so they would have to look elsewhere. NO hard feelings. Whew!
2006-09-14 18:21:12 · update #1
NO, I find it hard to communicate with them. What if you have to evict them? HOw would the relationship be like? And if you don't want to evict them, what would have happen to you financially? It's a very tough call, but it's better to prevent problem before it happens. If you are experiencing this kind of problem right now, it's better if you sell the property to them or other people. Business relationship with your close people are a major disaster in the future.
2006-09-16 08:43:22 · answer #1 · answered by Siva 1 · 0⤊ 0⤋
It would depend on who it was. there are some family members and friends I would definitely not rent to as I know they would take advantage. Others I know are honorable and would not expect special treatment, understanding that the rent was a means on income for me and that I would also be responsible for upkeep and insurance and I could not afford to not be paid. I would however, help the relatives that I would not personally rent to , find a reasonable place to rent .
2006-09-14 18:01:21 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I know where your coming from. I have a cousin living in a house and now she has no job and no way to pay for the rent. I now have to boot her out, thankfully the family understands and won't hold it against me. I will never rent to anyone in my family again for any reason. They do take advantage of you.
2006-09-14 17:59:07 · answer #3 · answered by ? 2 · 0⤊ 0⤋
friends because we could them directly to move out immediately ..... and family &relatives will be difficult to manage....
will take me for granted....
i would prefer giving the renting to people who has a fixed income like a bank official or a person who is working in a reputed firm...
2006-09-14 18:04:59 · answer #4 · answered by azeem 2 · 0⤊ 0⤋
Hell no! Would you loan money to anyone, *especially* a relative? *I* wouldn't! I've bartered with my daughter and my father's helped me out, but to get into a financial agreement with anyone outside of a loan institution is asking for trouble! Never mind renting to family who would probably try to take advantage of you because of your familial ties!
2006-09-14 17:59:04 · answer #5 · answered by coorissee 5 · 0⤊ 0⤋
Don't rent to family or friends its the worst thing you can do. You need your money same as everyone. We all have to pay our own way.I'm sure they have good intentions but it just gets weird, and can cause alot of problems.
2006-09-14 18:02:11 · answer #6 · answered by ret w 4 · 0⤊ 0⤋
Go for the money. Unless they are your parents to whom you have a moral obligation and which even then needs careful guidelines.
I have a saavy realtor next door, I mean good. Even she can't win on this one. If they spread dirt, people will soon realize it is because they are dirty.
2006-09-14 17:59:09 · answer #7 · answered by Joe Cool 6 · 0⤊ 0⤋
If you want to keep peace in the family, don't ever do business with family members.
2006-09-15 10:07:21 · answer #8 · answered by mortgageloan.victor 1 · 0⤊ 0⤋
I think whether relatives are not you are entering into a lease contract for a period of 11 months. it is always better.
VR
2006-09-14 17:58:04 · answer #9 · answered by sarayu 7 · 0⤊ 0⤋
No, definitely not, it will create bad blood if you have to impose notices, or eviction.
2006-09-14 18:07:25 · answer #10 · answered by papa30@verizon.net 1 · 0⤊ 0⤋