Should I rent to students or should I do senior housing.?

Question

I just bought a home w/ my husband here in NY Queens and we have a very high mortgage to pay. we are unsure as to what we want to do. We tried looking for tenants but we are affraid of signing leases because we may be stuck w/ one of those that won't pay for a yr. we have 2 floor,3 BR,2 full baths in each floor. What do u guys suggest we should do and does anyone know about those two possibilities i mentioned above?

Answer 1

few things, the most important thing is to screen and do not necessary bite on the first application, do a criminal and back ground check, references, employment history

as toward whom to rent be very carefully on what you say in your add and to prospective tenant's, it it against the law to say no children, and only under certain housing conditions may you say Seniors only, esp since you live in NY city the local housing authority may send or have what they call a tester call and see what you say, say the wrong thing and big fines

Answer 2

I would rent to neither. For the young and old it's very easy to fall into the trap of being a caretaker. A young professional or a middle aged woman may be your best bet.

Coming from someone who has had a string of bad roommates, I'd advise you to rent month-to-month so if after a few months you realize this person is difficult to deal with you can evict them. But when you have them move in you should have a typed list that details the house rules, such as no smoking, if any areas of the house are off limits, visitors, parking, rent due date, etc. Have them sign it acknowledging that it was read and give them a copy. Sounds small but it can avoid many many arguments later.

Answer 3

As far as the issue of safety and preserving the condition of your home, seniors are the way to go. Students in school have a very different mentality when it comes to taking care of something they do not have any interest in, even if their parents are paying. They figure their parents will bail them out, and at that age, most courts will not hold a parent responsible for what their older children do. Think of the parties they will most likley have, and the potential damage that can be done to your home. Seniors have a bit more consideration for the property of others, and will in most cases do the right thing in preserving your property. Also, seniors are less likley to make problems such as excessive noise, partys, late night hours which could be very bothersome. Good Luck!!

Answer 4

Rent to seniors. They have Social Security income so they will be able to pay the rent. They tend to stay a while as well. Students can be irresponsible, may not be reliable in paying rent. They don't stay around for long. So you will be constantly cleaning up after them, doing repairs then looking for new tenants.

Answer 5

Personally I would with the seniors, although you could probably get away with charging more to students since their parents end up paying anway.

Answer 6

there are pros and cons with both. with the students - the parents will probably see that the rent is paid, but the students may be partiers and destroy property. with seniors, the rent will most likely be paid, but they may be lonely and demand a lot of your attention. sad, but possible.

Answer 7

seniors