You have a property to rent out and as you start to look for suitable tenants, you are approached by a member of your family (or a close friend) who is in need of somewhere to live. Normally you would carry out credit checks and screening of any potential tenant, but because of the close relationship, you feel awkward asking the required questions. It feels a little bit embarrassing, after all, they are a family member, and you trust them, right?
If you’re considering renting property to a family member, there are a few things to consider. First, make sure you have a written agreement in place. This will help prevent any misunderstandings down the road. Second, be sure to vet your family member thoroughly. Make sure they have good credit and a stable income. If they don’t meet those criteria, it may not be a good idea to rent to them. Finally, be prepared for potential problems. If your family member is unable to meet their obligations, it may be necessary to evict them. HR professionals can help you navigate these waters if necessary.
Renting property to a family member can be a great way to help out a loved one, but there are risks involved. First and foremost, you need to make sure that the property is in good condition. If it’s not, you may end up having to spend money on repairs or replacements. You also need to be aware of the tenant’s credit history. If they have a history of being late on rent or paying their bills in full, you may want to avoid renting to them. Finally, you need to be prepared for any problems that might arise. If your tenant is suddenly unemployed or ill, you’ll need to be prepared to handle the situation. Can you imagine how awkward it might be if you have to evict your family member?
When you’re renting to a family member, it’s important to consider the pros and cons of hiring a property manager. It can really be helpful to have someone else deal with the “business relationship” with your family member. Here are three reasons why you should consider hiring one:
1) Property management is a full-time job. If you’re renting to a family member who is living in your home full-time, it’s important that the rental process is organized and seamless. A property manager can take care of all the paperwork and ensure that everything goes smoothly from start to finish.
2) Property management can save you time and money. When you’re renting to a family member, it’s likely that they won’t have any experience with the rental process. A property manager can help them navigate the complicated waters of finding and renting a home, saving you time and money in the process.
3) Property management can protect your investment. If you rent to a family member who isn’t responsible with their belongings or doesn’t take care of the property, it could damage your home or possessions. A property manager can help keep an eye on your loved ones and make sure they’re taking good care of your property.
Rent Holy City is a full service property management company that makes renting your home or investment property hassle free! Go to our property management page to see all that we can do for you!