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Thread: Would you rent from a friend?

  1. #11
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    From your post, no I wouldn't rent from them.
    In my life, however, I do have a friend, who has a bunch of rental properties. I wouldn't have a problem renting from him, as I wouldn't be dealing with him directly, but his company and multiple people I know in it.

  2. #12
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    I think if I were you I would not; this sounds quite stressful.

  3. #13
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    These are lifestyle changes that I would really like to make. The location worries me a little (right by a traffic light at a busy intersection), plus I would have to pay a higher local tax. Lots of pros and cons.
    We have another friend who owns several rental properties but would not rent from him. He's really in it for as much $$ as he can get out of it, so no bargains there.

  4. #14
    Senior Member catherine's Avatar
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    Speaking of the "bargain" rate vs "fair market" rate. Do you think there would be any part of the relationship that could be strained because they knew you were getting a deal from them? Like, would their expectations be higher because of that, even subconsciously? What would be their motivation for giving you a deal in the first place?

    Just playing Devil's Advocate. It sounds like you'd really like to move there for practical reasons, and you are rightfully questioning some implications.
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  5. #15
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    I'm guessing she would negotiate because we are friends. That said, they are charging less than most people would for a single house. I believe some of this is because neither the kitchen nor the bath are "modern," i.e. clawfoot tub in bath. She also inherited the house, and so this is basically a cash cow for her.


    Quote Originally Posted by catherine View Post
    Speaking of the "bargain" rate vs "fair market" rate. Do you think there would be any part of the relationship that could be strained because they knew you were getting a deal from them? Like, would their expectations be higher because of that, even subconsciously? What would be their motivation for giving you a deal in the first place?

    Just playing Devil's Advocate. It sounds like you'd really like to move there for practical reasons, and you are rightfully questioning some implications.

  6. #16
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    But what about the other issues you raised, like the question of whether you can maintain the property to her satisfaction? That is why I thought you were feeling stressed.

  7. #17
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    Quote Originally Posted by frugalone View Post
    I'm guessing she would negotiate because we are friends. That said, they are charging less than most people would for a single house. I believe some of this is because neither the kitchen nor the bath are "modern," i.e. clawfoot tub in bath. She also inherited the house, and so this is basically a cash cow for her.
    I'd never call a house a "cash cow" houses require upkeep and repairs.
    1. Has she ever been in your current house?
    2. Prepare to have your rent raised if you are given a negotiated lower amount for right now.
    3. Prepare to have your 'friendship' change.
    4. Prepare to have your rent raised.
    5. Do not assume because you've had a friendship that that'll give you allowances as far as rent due date, etc.
    Float On: My "Happy Place" is on my little kayak in the coves of Table Rock Lake.

  8. #18
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    Thanks, everyone, for your opinions and input.

    My current landlord definitely has a cash cow. They inherited the house and have done little or nothing to maintain it over the last 20 years--unless an emergency happened (i.e. roof leak, dead water heater)

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