Inputs needed - Elderly couple renting

[Matthew Carducci]

Good afternoon BP. I'm currently screening an elderly couple from NJ that is moving to Charleston, SC area to be near their daughters and grandkids. They intend to occupy my 4/2.5 on 1 January. I have multiple discussions with them and they seem to fine financially in retirement and don't intend to purchase. The gross rent is $2800/mo and it's a split floor plan with master, laundry and additional .5 bath downstairs and then additional 3/1 upstairs. The property nets $1000/mo. A few questions I have: 1) what type of rental terms? One year lease, initial 6 or 18 month lease to force a summer turnover versus a winter? Rent increases? 2) lawn care, should I force a lawn care contract on them since they are elderly and the house, although a smallish lawn has large landscaping features in the back. 3) any other items I should consider when dealing with older retiree couples? I'm honestly nervous because I have had a younger couple the past three years that have taken absolutely great care of the home and now I'm wondering if I'm going to get the same care of the home (filters, etc) Byrne new tenants. While I don't think they will be destructive I'd really like to avoid the constant calls for minor, routine house maintenance. Is there a strategy to make this work smoother? They have made a few comments regarding there being no refrigerator or washer/drawer. I have not committed to putting one in. I can't tell whether they are waiting for me to offer it up. Something I don't intend to do initially. Could I adjust lease to cover the cost of washer/dryer and refrigerator purchase? Am I taking on more liability when I have my appliances in there? Bottom line- how do I incorporate creativity and fees into the lease to cover maintenance and other times unique to having a elderly couple in the rental? Any and all practical advice and inputs are welcome. Thanks.

[Gail K.]

1. Same rental terms as you have done with previous tenants.

2. Same terms as with previous tenants.   What makes you believe they can't keep up with the yard work?

3. Just how old are these folks?  What makes you think elderly folks can't change filters or take great care of a house?   If they're able to walk upstairs, they're able to handle your house.

I ask this partly because I'm 64 years old, facing 65 real soon (and if I get one more advertisement for Medicare supplementation in the mail I'll throw up) and I'm managing my own two story 3/2.5 house just fine (along with 16 rental properties, including doing the yard work in empty rentals).

I suppose the only question I'd have is with this size of a house and only a couple would the daughters and granddaughters soon be moving in also.

For what it's worth, I've got a tenant couple who are in this late 60's and both have medical problems (he with heart disease, she with significant diabetes).  Their son now does their lawn care since Earl was last in the hospital.  They RARELY call with maintenance issues and if I could keep them as tenants forever I would.

Gail