Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 8 years ago on . Most recent reply

User Stats

171
Posts
116
Votes
Nicholas Miller
  • Residential Real Estate Broker
  • Fort Wayne, IN
116
Votes |
171
Posts

ridiculously high amount of rent

Nicholas Miller
  • Residential Real Estate Broker
  • Fort Wayne, IN
Posted

I have a small, one bedroom apartment that was filled by a property management company with a household of 4 ( 2 adults 2 children ).  Being a one bedroom 900 sq ft space I thought a household of 4 was a stretch but who am I to question a professional management company.

Two months ago the renters allowed another 4 people to move in, taking the total household size from 4 to 8 (now 4 adults and 4 children).  I filed for an eviction and it was granted but now the renters are offering to pay an extra 50% over the originally agreed upon rent if I let them live like this.

I hate the fact that each member of the household has 100 sq ft of space, I hate the fact that there is no privacy and I feel like that is no way to raise children however this is what they want and they are willing to pay for it.

What are the repercussions for creating a separate lease and allowing so many people to share such a tiny space?

On the upside, the monthly income from the building is going to jump to 8.8% of the original purchase price which is an insane return on investment.  I know I will likely have a new set of headaches in 4 months but at least I postpone those headaches until the winter months have passed.

What do you think, should I take the high rent and let them live with just 100 sq ft per person, should I go through with the eviction or are there other legal ramifications that I should be concerned about?

Most Popular Reply

User Stats

444
Posts
303
Votes
Anastasia Jordan
  • Investor
  • Birmingham, AL
303
Votes |
444
Posts
Anastasia Jordan
  • Investor
  • Birmingham, AL
Replied

There is no way they are living like that and not tearing up the unit.

Loading replies...