Planning to rent a house
Hi,
my parents are retired and are planning on retiring to colombia. We have a house in Pennsylvania and want to rent it out or sell it.
I'm leaning more towards renting than selling cause the house is almost paid off and we can rent it for $19000 a month which is $19000 cash flow.
A friend of mine had a recomendation of some possible tenenats that are looking to rent.
My only concern is its a family of 7, 2 adults and 5 kids the house is a 4 bedroom 2 bath 1200 sqft is this too many people?
Most Popular Reply
Considering your situation, renting the almost paid-off house with a potential $1900/month cash flow seems like a lucrative option, providing significant passive income, especially for your retired parents. However, having 7 people in a 4-bedroom, 2-bath, 1200 sq ft house could raise concerns regarding overcrowding, potentially leading to wear and tear, noise issues, and safety concerns. Before proceeding, research local occupancy laws in Pennsylvania, craft a detailed lease agreement specifying occupancy limits, guest policies, noise restrictions, and maintenance responsibilities, and conduct thorough tenant screening. Alternatively, you might explore renting to two smaller families for more comfortable living arrangements or consider adding an occupancy clause to the lease if you're comfortable with 7 occupants. Open communication with potential tenants is crucial to address any concerns about space limitations and ensure a harmonious landlord-tenant relationship.