To rent or not to rent?

[Chou Yang]

I know you shouldn't rent to friends and families but has anyone had any success stories? I have a friend, has a good job/income and by qualifies with our standards. Just wondering if anyone had any positive experiences with it. Thanks.

[Kim Meredith Hampton]

@Chou Yang I know it sounds good, but a really bad idea. Here's a blog I wrote on this very matter;

We love our family and friends, but beware of them becoming your tenants. It’s always a good idea to treat your rental property like a business. Treating family or friends just like you would any other tenant regardless of your relationship is just good business. Its important to seperate business and personal relationships, and sometimes I think this is what gets lost in translation when it comes to family or friends.

Here are some things that I’ve seen regarding this type of rental:

• ● The owner never seems to want to run a background check
• ● they never want them to pay a deposit
• ● they want to give them “free rent” or a huge discount while they look for a job
• ● Family or friends become or seem entitled to special requests and take

  advantage

• ● Friends or family may hesitate to tell you about maintenance issues because you

  gave them a break

• ● They make you feel guilty when you ask for a late fee
• ● When the property gets damaged, you dont feel comfortable asking for money to

  make repairs

• ● Lastly you may have to evict a friend or family member. This is when really go

  south.

  Protecting yourself from a business standpoint is still number one, no matter who you rent to.