As a landlord, how do you feel about keeping your business separate from your personal life? Would you rent your property to a friend or relative? On the surface, it seems like a fantastic idea … you know and like each other, so it makes sense, right? You get to help someone you care about, and fill a vacancy as well. Perfect, right?
Not so fast! Yes, there are upsides to the situation but let’s think about the possible downsides:
- What if they feel entitled to special “perks” because of their relationship with you? Asking for upgrades you hadn’t planned on?
- What if they end up being total slobs who don’t keep the home up to the standards you normally expect and demand of your other tenants?
- What if they get behind in the rent and expect you’ll “let them slide” indefinitely?
- A friendship/relationship can end up in ruins over situations like these. Are you willing to chance it?
These are just a few issues that can arise when you rent to friends or relatives. This hasn’t come up in my experience but if it does, I’ll have an honest conversation with them before moving ahead with the tenancy, for sure!