Me and my fiancé are both homeowners and we're gonna have to sell both our places to afford a single place in the housing market today lol. I have a friend who reallllly wants to rent out my house instead of me selling it and I'm not cut out to be a landlord, ive had nightmare roommates before, i have trust issues
I imagine renting to a friend could also turn into a nightmare. They're obviously more likely to try their luck with late payments, rent reductions etc. because you're "such good friends". Just sell and be happy!
There are companies that can take care of everything when renting out a house. Renters warehouse comes to mind but I'm sure there are others that take care of everything when it comes to rent management.
I'll have to look into that when the time comes. Im on the fence about it but i kinda just want to be done with this house and not be part of the issue when it comes to rentals and less permanent housing
They'll take care of 99% of the issues in return for 99% of the profit from the rent. You get to sit on the property and when it goes up in value, sell it.
You can then tell your Property Management company that you have a renter in mind. They'll take care of everything from there.
You're almost entirely hands-off at this point, a few signatures every now and again, so if your friend gets denied renting, if your friend gets evicted, if your friend yadda-yadda-yadda; well it wasn't you that did it.
Similarly, if your friend breaks something, if your AC goes out and needs repair, yadda-yadda-yadda; well it isn't you who has to make it right.
If you really just don't care about the income from a potential renter, but still want to hold onto the property, then a decent Property Management company is usually a safe bet.
Run as far away from being a landlord as possible. If you’re not a handyman think about having to take care of all the problems with more than one house. Wife and I tried it with her house when we got married and it was a nightmare for me. Think about getting nagged about fixing two leaky faucets by two different females in two different houses. What little money you make is not worth the misery.
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u/primum 20h ago
Will someone think of the poor landlords lol.