Burlingame, CA · Member since 2017 · 1 post · 0 votes
We've received a corporate lease application to rent our single family rental home in the Bay Area in California. The applicant is a startup that wants to house a few employees. They've offered to pay six months up front for a one year lease.
Does anyone have experience with a similar situation? What are some pros and cons? Are there extra steps / precautions / additional agreements beyond the standard California Association of Realtors Residential Lease Agreement that we should be pursuing? Do you think this is a good idea or should we wait for a more traditional residential applicant?
My mom has a rental that has been rented by a company for years. They pay on time, take care of the place, and it seems to be getting less wear and tear. A disadvantage is not having good tabs on who is actually living there and less ownership/maintenance by the occupants. Think you can mitigate a lot of risk by insisting on inspections every 6 months.
I would wait for a better applicant but if you do accept them do not accept rent in advance. IT may not be legal in your state but it is always a bad idea. The money belongs to the renter until withdrawn each month. You are responsible for keeping it in a separate account and they have the right to demand it be returned at any time. Landlords are paid by the month, Do not fall for the greed generated by false bribes.
I had a SFR in Cupertino (Home of Apple, Inc) rented annually to a single family employed by HP. Rent was paid by the tenant and HP was the co-signer. Worked out well for me.
My mom has a rental that has been rented by a company for years. They pay on time, take care of the place, and it seems to be getting less wear and tear. A disadvantage is not having good tabs on who is actually living there and less ownership/maintenance by the occupants. Think you can mitigate a lot of risk by insisting on inspections every 6 months.