Amount of rent is about half the standard amount; landlord will not make any repairs nor replace existing appliances if one fails or stops working; does not do a background check nor base rentability based on income nor credit rating; states renter is responsible for replacing any appliances that fail - and can take them as their own if they ever leave; allows pets; allows renter to modify house with fencing or patio if he/she wants - at his own expense.
I rent out two such properties - houses - and have been told I am breaking the law with this practice. Both are in good areas and neither needs any repairs. I believe in giving the little guy a second chance. Is that such a bad thing? Why or why not? Would you rent a house with these circumstances?
2006-09-16 01:20:54 · 7 answers · asked by north79004487 5 in Business & Finance ➔ Renting & Real Estate
Go for it.As long as you have it in writing, yes. No laws being broke that I can think of. He may keep your deposit though if you make changes. No big loss. If you are a good fixer/upper, this can be a good deal for you. I've rented property like this, with similar terms and we got along great.
2006-09-16 01:28:49 · answer #1 · answered by hbsizzwell 4 · 2⤊ 0⤋
You are not breaking the law, but depending on where you are, certain parts of your contract/lease might be unenforceable.
For instance, in NJ if a landlord provides appliances and they fail, the landlord must repair or replace. It does not matter if there is a signed agreement stating otherwise. A person is not allowed to sign away their rights, but there are ways around it. For instance, you could say in the lease that the place does not come with appliances and then tell the tenant that the appliances there were abandoned and they can use them or you will discard them so they can get their own.
Yes, I would rent a house under the circumstances you have outlined. I don't see anything wrong with it.
2006-09-16 09:33:27 · answer #2 · answered by BoomChikkaBoom 6 · 2⤊ 0⤋
I've actually rented homes a couple of times with similar stipulations. At the time, I was very appreciative of the break I was getting.
Whether or not what you're doing is legal is up to local law. Most states have established a presumption in law that the landlord is responsible for all repairs to residential properties in the absense of a written agreement to the contrary.
Some states don't allow the tenant to relinquish their rights so you'll have to carefully craft your lease or rental agreement to relfect the fact that there are no appliances included with the property. Your tenant would then be free to do whatever they wished with any appliances "found" on the property -- use them, sell them, or make abastract art out of them for all you'd know or care.
If you're going to allow your tenants to erect or replace fencing or install or modify a patio, make sure that your rental agreement reflects that they are responsible for securing any building permits before proceeding and that all work is carried out to code. If your tenant messes up there, it will be down to you as the property owner to put it right and pay any associated fines for code violations.
Do consult with an attorney to make sure that the "law of unintended consequences" doesn't bite you in the @$$. What you're doing sounds honorable and decent. Just make sure that you're covered legally. Good luck!
2006-09-16 10:34:31 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Who will supervise the fence and patio modification? This should be clearly stated that it has to approved by you. If the house goes in ill repair, who is to say they will have it repaired? Where is the payment clause, or lack of payment of rent. What if they default on their monthly rental. There is nothing to protect you on that. This is NOT a good viable lease. It's not so much helping the little guy, it's called good common sense. You can still be fair and helpful, but protect yourself and your rental properties. You are not breaking any law with this uncommon practice, just not being overly protective of yourself and yours. If the house is trashed, you'll be left holding the bag. It's difficult to rent a house in ill repair, with no appliances, with a botched up job on a patio and a tacky looking fence. Be wary........make them sign a legitimate rental agreement.
2006-09-16 08:35:25 · answer #4 · answered by skyeblue 5 · 0⤊ 2⤋
Where do you live and how much is the rent? Id rent from you. Although I do agree that you need to modify the aggrement a bit. You do want to run a check on whoever you rent to. Be sure to protect yourself from bad renters. It could cost you an enormus amount if they trashed the place and left you holding the bag. Its wonderful you want to help people but their are alot of them out there that will take advantage of you. Be careful.
2006-09-16 10:25:26 · answer #5 · answered by Ginnygirl 2 · 1⤊ 0⤋
If everything is in writing and signed by both landlord and tenant, then you have a legal binding contract. I don't think you are breaking any laws. Although you may want to check with your local landlord / tenant relations bureau. But it sounds as if everything is on the up and up and with it in writing you are covering all of your bases. I would rent under these circumstances.
2006-09-16 08:31:48 · answer #6 · answered by Badkitty 7 · 1⤊ 0⤋
I would not rent from you. It sounds like you are just trying to get out of paying for the major appliances.If you are truly trying to give the little guy a second chance- how is that giving him/her a second chance if they have to pay half the rent and the pay for a refrigerator? And what if the washer and dryer go out in the same month? I think you would be better off offering it without appliances so that people know what they are getting into.
2006-09-16 08:35:38 · answer #7 · answered by Anonymous · 0⤊ 2⤋