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Updated about 9 years ago on . Most recent reply

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Jon Swift
  • Investor
  • Northbrook, IL
0
Votes |
11
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First rental, person wants short term lease & pay more

Jon Swift
  • Investor
  • Northbrook, IL
Posted

I'm currently rehabbing a house to move to and plan to rent out my old house. I was planning on only doing leases for a year at a time but someone wants to rent the house for 3-6 months and said they are willing to pay over the amount I have the property listed for to get in there. 

 My question is, since this is my first time renting a house should i avoid short term leases for the time being? Also if i were to decide to rent short term and have them pay more what would be a reasonable amount, $100-200 extra a month?

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570
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Mike F.
  • Investor
  • Denver, CO
520
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570
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Mike F.
  • Investor
  • Denver, CO
Replied

I'd be much more concerned with the security deposit on a short-term rental. 

3x monthly rent would be a good start. Do you really want to think about how much it would suck to have to put $1500 back into the property after just a 3 month rental? The guy brings a goat in and it craps all over the carpets and destroys them all... laugh, it's happened before... 

What's your cost once he moves out again, in other words how long will it take you  to rent it again after the guaranteed short rental? 30 days? 60 days? you  will need to factor that into the monthly.

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