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Insight/Opinion - Renting to your adult Child
by Anonymous
on February 7, 2018 @08:41
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Just looking for some opinions regarding renting one of you apartments to your adult Child who is moving back to the home state. I intend on doing a lease with her, but I am thinking of a little less in rent (just close enough to lower market rent numbers as I could easily be getting $200 more) in lieu of her doing some work for the family business. Im just glad she's coming back home :-) Anyway, this foum has always been a great resource over the years, so I thought I'd ask of your experiences and opinions and maybe some tips. Thanks in advance:-)
Shannon in Pa
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Re: Insight/Opinion - Renting to your adult Child
by Nicole (PA)
on February 7, 2018 @10:32
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everyone will tell you don't do it ... that is everyone except me !! I have rented to family members, including my children, for over 30 years and it hasn't been a real issue. Yes, I am not always happy about everything but it's never unmanageable. With my kids, I lay the law down of what I want and expect and I remind them if they got off track.
the key has always been that I was of the mind set that if something/anything ever went wrong (and thankfully it didn't other than minimal) I would take the financial hit .
My kids are productive, well rounded adults ... I never saw any reason not to give them an easier start to life since I was in a position to do so.
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Re: Insight/Opinion - Renting to your adult Child
by Anonymous
on February 7, 2018 @11:28
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Depends on the child. If that child has always been reasonably responsible and understands that entitlement is not an option. Not a problem. Go for it.
Many families have that child who may not have been the most responsible and have been enabled in life by the parents for whatever reason. In that case I may not do it but instead just say "hey" here is a place for you blah blah. I mean why play?
I would have no problem renting to family or friends. I would just have to have a frank conversation before I do anything...it goes something like this
So, are you familiar with the fair housing act? It states I have to treat all tenants the same.
If you pay rent late, how do you expect me to proceed? This when my ears perk up of course.
Do you understand I run my rentals as though I am running a business? I wait for a reply.
You understand I will evict you if you cant pay rent right? The Fair Housing Act says I have to treat everybody the same...blah blah blah,
Get the picture?
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Re: Insight/Opinion - Renting to your adult Child
by Garry (Iowa)
on February 7, 2018 @11:43
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I am in total agreement with Nicole in renting a place to a relative. I have done that 3 times, and it has worked well for me. However, I would suggest you keep it in a total business relationship. Rent her the apartment at whatever your other tenants are paying. Then sign a M2M lease with her, so either of you can end the lease fairly quickly at any time.
In a separate written agreement, write down the specifics of her working in the family business-----days worked, days off, what she is to do, hourly wages, and # of hours to work each week. Pay her a separate paycheck each 1 or 2 weeks, and let her pay you the rent once per month. This way, if either of you want to end either the lease, or working relationship in the family business, it's all kept legal and formal, yet allows both of you to kind of "ease" into a new adult/adult working relationship with each other. It also "eases" her into adulthood, and the responsibilities she will now face in the "real" world.
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Re: Insight/Opinion - Renting to your adult Child
by Buck
on February 7, 2018 @12:59
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I rented to a step daughter. She eventually stopped paying rent and had her evicted. Typical 20 year old stupid act on her part. I warned her of this possibility beforehand. Guess she know now I don't play games.
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Re: Insight/Opinion - Renting to your adult Child
by Anonymous
on February 8, 2018 @06:49
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I wouldnt do it. Even the best of families can have problems arise from adding business relationships to the mix. Are you prepared to evict your own child if necessary?
Also, reducing the rent arbitrarily can open you up to discrimination if youve rejected other tenants. Apply your rental terms to all tenants and applicants equally.
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