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Re: Insight/Opinion - Renting to your adult Child - Landlord Forum thread 356059

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Re: Insight/Opinion - Renting to your adult Child by Garry (Iowa) on February 7, 2018 @11:43

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 SD (Pa) on February 7, 2018 @15:11 [ Reply ]
I like your idea of month to month and laying it all out. I'm hoping it's just a stepping stone for a year too and they move up to something else as they begin to figure out their lives.
Re: Insight/Opinion - Renting to your adult Child by Thomas on February 7, 2018 @15:30 [ Reply ]
We have done all three adult kids in NM and FL, worked out fine, we did do a lease and did family rate in 2 instances for a while and then moved rent up. Have also done my mother in law for 7 years, paid on time, there was some of the normal family stuff but that did not interfere with the rental process. Primary reason for doing all this is so we'd have our own home! :)

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