All Forum Posts by: Angela Anderson

Thanks for the new feedback everyone.  She will be moving in next week :) I hadn't thought about it Colleen, but looking back as the oldest of 5 whose first house was a block from my siblings' schools, we probably need to talk to the kids about respecting this home as their sister's space and what that looks like.  She knows that she will be signing an agreement like our other tenants do and she understands why.  A few years back we rented to my folks without an agreement or deposit etc, and though it wasn't huge loss, they didn't leave the house as clean as they got it and they had pets in the house.  I'm not a huge fan of pets and their messes.  

Thanks everyone for your input.

I'm biased cause I'm her mom, but she's a good kid.  She has been working hard to get the house ready, so wrecking the house wouldn't make sense.  Also because she's put so much into it she's earned the reduced rent.  The house is only a block away from ours, and I walk by it every day going to and from the school where I teach.  We purchased it with her in mind for the short term, and to be able to earn money in the long run.  

I don't know how to tag here, but 17 pages!?! Wow, Elizabeth Colegrove.  I could definitely use some lease pointers.

$400 includes utilities.  It's a small 2/1 we paid 28k for.  Water and power average $100 a month total.  She's set aside her first, last, and deposit.  We aren't looking to make a bundle off this, just want to give her a chance to be on her own before she ends up getting married, while covering our expenses.  It was rented for $600 prior to being foreclosed on so she knows she's getting a deal, and we should have good cash flow when she moves out.

I don't know if more information will be helpful or not. She's currently at home and is the oldest of 8 kids.  She's in her sophomore year at a nearby college. She lived at school her first semester last year, but was paying $400 monthly for a shared apt with messy roommates.  For the same amount she can rent from us and have her own place. 

I'm looking for best practices so-to-speak of lease terms for our situation.  This is our first property we've purchased for investment purposes.  We've rented past homes with good results, and our only other current rental property rents to a cooperate farm.  G

I'm a new member, and this is my first post.

We bought and are rehabbing a small house down the street.  We will be renting to our daughter as soon as it is complete.  I know from experience that working with family can be tricky.  I'm looking for advice of what we should put in place in the contract etc. for the best results.  The decision to rent to her has been decided, we just want to protect all interests. Thanks :)