Renting for less than fair market
In February, my son will be renting out the 3/1 house he bought in September. Ultimately,in a few years, this house will be one of many of homes in an Autistic intentional community within an already existing community, but in the meantime it will be a regular rental.
He would like to rent the house for less than fair market value. He is thinking renting it for about $500 a month with the tenants paying for all utilities except for the security system and trash pick-up. [ which are not actually utilities] These, along with insurance and taxes, will cost my son about $182 a month.
The home has been renovated [actually, we are still working on it]and the roof, plumbing, electrical etc. are all in good condition.
Do you think he can rent it out at this price and not lose money?
Most Popular Reply
I think you need to rethink your goals. Yes, your goals. Not your son's. Clearly your son is not posting this topic. Does it bother you that he may be throwing away his money/gains? Your son may not care. But it seems like you do.
There are other ways to reach the perceived goals your son seems to be trying to accomplish. I think you need to communicate with him and offer financial alternatives.
My 2 cents.