I own two houses right next to each other. I am having one family move in today that is getting rental assistance for the next year. The house next door just became vacant and she is asking about having her parents move in next door. they are on disability and have sufficient income to get in.
my question is, has anyone had luck renting out to family members of tenants? I am a little worried about what will happen if there is a conflict regarding rent.
@Thomas Stanley You will have to make a judgement call. I am sure you have thought about all the bad reasons but there is also the plus side that they will probably be long term tenants. I would treat them as any other tenant while screening them.
Let them apply if they qualify rent to them.
Chances are both parties will stay and be long term tenants. I had families live in same complex and in different buildings it worked out super. Grandma in one unit, daughter in another and another daughter in another unit and another family were divorced parents . shared a kid. each lived in separate buildings. worked out great.
I would see no problems each are responsible for their own rents.
thanks everyone! i'll let the screening decide.
we did this with duplex we have a few years ago. The parents moved in, then got their kids in the other side. Truth be told, the parents moved out and weren't the greatest tenants, and the kids have stayed and are ok. I think it can be an issue allowing families to be right on top of each other, but when you set it up, treat each family separate and distinctly: keep them out of each other's rental affairs.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing