Skip to content
Tenant Screening

User Stats

17
Posts
19
Votes
Chelsea Mastin
  • Denver, CO
19
Votes |
17
Posts

Co-worker Wants To Rent

Chelsea Mastin
  • Denver, CO
Posted Dec 2 2020, 11:51

Howdy Ho!

Happy Wednesday. Hope everyone is doing well. I'm hoping for some advice.

I have been in nightmare project of constructing a top / bottom duplex. The top is finished and has been on market for about 3 weeks with not much interest. It's also in a shady part of town (Denver.) We use a property management company.

A coworker would like to rent it, but could only sign a 6 month lease. I'm hesitant to do this. Have already had negative experience of having to evict a tenant that my husband became friends with against my advice, haha. I'm also very aware of how difficult it could be to find a tenant with active construction on the property and she may be a good fit (for now.)

Pros:

She is well aware of the construction and will (hopefully) be patient with the construction crew. The project should be wrapped up within 6 months.

It would be relisted in the peak of the summer.

We can rent it NOW. It took about 2-3 months to find our last tenants for the property.

Cons:

It's a coworker. I know renting to friends /family is a bad idea.

I would have to clean / prep it again in 6 months and pay an additional fee to list it.

Would miss out on the possibility of finding a potential a long term tenant.

Should I rent to her? Any advice?

User Stats

107
Posts
59
Votes
Khanesia Washington
  • Real Estate Agent
  • Arlington, TX
59
Votes |
107
Posts
Khanesia Washington
  • Real Estate Agent
  • Arlington, TX
Replied Dec 2 2020, 12:02

Its difficult to do these things because in the event that something bad happens the co worker may blame you which could harm your relationship. However things could go really well. The best thing to do in this situation if you decide to rent is to set the expectations. By doing so you can help each other and avoid problems later. Definitely treat as you would any prospective tenant.

User Stats

64
Posts
58
Votes
Roy Nash
  • Rental Property Investor
  • Spokane, WA
58
Votes |
64
Posts
Roy Nash
  • Rental Property Investor
  • Spokane, WA
Replied Dec 19 2020, 18:50

You listed all the CONS and they are the same reasons I wouldn't do it!  You could find a similar Tenant, who would like to rent now during construction and wants to stay after complete as well.   If you rent to your friend and Coworker would you be comfortable evicting her at some point?   Sounds like you already know something about that.   Trust your instincts.  Your CON List is a good one!

BiggerPockets logo
BiggerPockets
|
Sponsored
Find an investor-friendly agent in your market TODAY Get matched with our network of trusted, local, investor friendly agents in under 2 minutes
Account Closed
  • Flipper/Rehabber
  • Cincinnati, OH
417
Votes |
300
Posts
Account Closed
  • Flipper/Rehabber
  • Cincinnati, OH
Replied Dec 21 2020, 12:36

Hey @Chelsea Mastin, those are great pros and cons lists, and are really helpful on getting a good understanding of the situation. If it were me, I would not rent to a coworker. I'd do exactly what @Roy Nash mentioned: find a similar tenant now who is willing to stay longer than 6 months. 

User Stats

17
Posts
19
Votes
Chelsea Mastin
  • Denver, CO
19
Votes |
17
Posts
Chelsea Mastin
  • Denver, CO
Replied Dec 23 2020, 14:11

@Khanesia Washington, @Roy Nash @Rachel Underwood Thank you all kindly for the help. Still no applicants yet- co worker or otherwise. I appreciate your time. Happy holidays!