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SVTPerformance's Chain of Restaurants
Road Side Pub
HAVE to rent my house out... Advice? What am I getting in to?
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<blockquote data-quote="PaladinMan187" data-source="post: 13859277" data-attributes="member: 138882"><p>Just a story for you to think about while you're writing your lease and what to be prepared for......</p><p></p><p>My parents have been renting out a house because like everyone else they are underwater on it. This renter *has 2 kids, 2 cats and grandma is living there too* has been OK for the most part in the last 5 years or so with the usual smaller issues where we had to teach her how not to overload the washer and that if her kids destroy the paint we're not rushing over to fix it. She pays a little late *3 to 6 days* just about every month but never has bounced a check. Mom and dad's curent issue is that dad got a call from the local police that they raided our rental for *An individual dealing drugs from the house.* Come to find out it was the renter's boyfriend. Even better, the boyfriend got the 15yo daughter pregnant. We are talking with lawyers about how to protect ourselves in case this happens again. Our issue is that if the cops raid the house for the same issue a 2nd time they can sieze it. It pays to keep in touch with neighbors and have a good relationship with the local police. The only reason the cop called is a friend of ours is on city council and told him to call. </p><p></p><p>Not saying this is going to happen to you but you have to word your leases so you have options when and if things like this happen. Dad's losing sleep over this issue worried he can lose an investment while he's waiting for the market to come back up.</p></blockquote><p></p>
[QUOTE="PaladinMan187, post: 13859277, member: 138882"] Just a story for you to think about while you're writing your lease and what to be prepared for...... My parents have been renting out a house because like everyone else they are underwater on it. This renter *has 2 kids, 2 cats and grandma is living there too* has been OK for the most part in the last 5 years or so with the usual smaller issues where we had to teach her how not to overload the washer and that if her kids destroy the paint we're not rushing over to fix it. She pays a little late *3 to 6 days* just about every month but never has bounced a check. Mom and dad's curent issue is that dad got a call from the local police that they raided our rental for *An individual dealing drugs from the house.* Come to find out it was the renter's boyfriend. Even better, the boyfriend got the 15yo daughter pregnant. We are talking with lawyers about how to protect ourselves in case this happens again. Our issue is that if the cops raid the house for the same issue a 2nd time they can sieze it. It pays to keep in touch with neighbors and have a good relationship with the local police. The only reason the cop called is a friend of ours is on city council and told him to call. Not saying this is going to happen to you but you have to word your leases so you have options when and if things like this happen. Dad's losing sleep over this issue worried he can lose an investment while he's waiting for the market to come back up. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
HAVE to rent my house out... Advice? What am I getting in to?
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