Updated over 2 years ago on . Most recent reply
First rental property
This is my first rental property experience and I’m wondering if it’s a good idea to rent to somebody I know and trust to keep the property in good condition for less money but have the peace of mind and know that I will have a long term renter for the property or go through a property manager to get the place rented out for $300 more each month in rent but have a random person in the property and have to pay the property manager half of the first months rent to do the screening, paperwork, showings, ect.
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- Real Estate Broker
- Cody, WY
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This is a common trap for Landlords. Just because you know someone doesn't mean you know what they are like as a renter. Are you married? Did you discover some odd things about your spouse after moving in together? Just because someone is your buddy at the bar, the racquetball court, or work, doesn't mean they will make a good Tenant.
$300 a month is $3,600 a year. Is your friend so good that you're willing to subsidize their rent for them? Are you willing to ruin a good friendship?
Most renters are good people that will pay market rate and take care of your property. Put it out there for the public, screen well, and maximize your investment.
- Nathan Gesner
