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Forums » Starting Out » Short Term Renter

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Tony Thompson

Real Estate Investor · Kansas CIty, Missouri


Forum_avatar_avatar-cashflowminded

Icon_minipost Oct 20 '09, 01:49 AM

I have a duplex that can rent for $750 each side (I will be living in one side). My buying agent has a lead for me but they will be renting short term, about 3 months. Would it be reasonable to ask for $900/month all up front plus a damage deposit? Would I need a lease in place if they gave me the 3 months rent up front?

Edited: 06/26/2010 at 10:09AM


Michael Kwiatkowski

Residential Real Estate Broker · Milwaukee, Wisconsin


Forum_avatar_avatar-mikekw

Icon_minipost Oct 20 '09, 06:05 AM

I can't speak for the amount you'll charge, but let me recommend the following.

1. ALWAYS, ALWAYS, ALWAYS have a lease in place! It doesn't matter if someone stays for a day or a decade; both parties NEED to have a document in place specifying their respective rights and responsibilities. Failing to do so WILL lead to problems if something goes wrong down the road.

HOW you get your rent (up front or monthly) is up to you. But have that written and signed lease in place no matter what you decide!

2. ALWAYS get a security deposit. You don't need a full year to damage a place. Three months (hell, merely three DAYS!) is WAY more than enough to cause significant trouble if they're those types!

3. You may want to consider the time of year when their lease ends. Three months from 11/01/09 is 02/01/10. How much harder will it be to get the place rented in February? (Or is winter in your area not as much of a block to finding good tenants than it is here in WI?)

Take care,

Mike

Edited: 06/26/2010 at 10:09AM by Michael Kwiatkowski


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