Renting a house you own ..

pokler

Power Bottom
#1
I've just inherited a house in upstate NY from my mom. I can easily rent it for about $850 but my wife and I like the idea of a second home we can go to once every month or so for that reason I don't want to rent it.

The downside of not renting is I have an uninhabited house for three weeks a month and that's unsettling. I have lots of stuff stored there.

A friend of my moms has a niece who'd very much like to rent it from me.

Here is my question to those with experience with renting ..

Is there a way to structure an agreement whereby I give a reduced rate ( 500) but in exchange she agrees that at any time with a weeks notice I or my wife will go there and stay a week or so ?

I'm looking for more than a handshake agreement but rather something legal and enforceable. The last thing I need is to box myself out if things go sour.
 
#2
I recall one of our fellow UG’ers rents several apartments in a building he owns.. I’m sure some guidance could be had..

I have no experience in this and sorry to jump to the top of the line here, but I hear many stories today about landlords who are being completely taken advantage of by non paying tenants using the current eviction ban as their ace in the hold for not paying rent.
Do your homework
 

billyS

Reign of Terror
#3
I've just inherited a house in upstate NY from my mom. I can easily rent it for about $850 but my wife and I like the idea of a second home we can go to once every month or so for that reason I don't want to rent it.

The downside of not renting is I have an uninhabited house for three weeks a month and that's unsettling. I have lots of stuff stored there.

A friend of my moms has a niece who'd very much like to rent it from me.

Here is my question to those with experience with renting ..

Is there a way to structure an agreement whereby I give a reduced rate ( 500) but in exchange she agrees that at any time with a weeks notice I or my wife will go there and stay a week or so ?

I'm looking for more than a handshake agreement but rather something legal and enforceable. The last thing I need is to box myself out if things go sour.
And where the fuck is she supposed to go the week you come up?

Why would anyone rent a place for only three weeks a month and then go to a hotel for a week?
 

pokler

Power Bottom
#4
And where the fuck is she supposed to go the week you come up?

Why would anyone rent a place for only three weeks a month and then go to a hotel for a week?

It's a three bedroom house so she goes nowhere. Me and or the wife just take one of the other rooms. We all live in the house together on the weeks we go up .
 
#8
I've just inherited a house in upstate NY from my mom. I can easily rent it for about $850 but my wife and I like the idea of a second home we can go to once every month or so for that reason I don't want to rent it.

The downside of not renting is I have an uninhabited house for three weeks a month and that's unsettling. I have lots of stuff stored there.

A friend of my moms has a niece who'd very much like to rent it from me.

Here is my question to those with experience with renting ..

Is there a way to structure an agreement whereby I give a reduced rate ( 500) but in exchange she agrees that at any time with a weeks notice I or my wife will go there and stay a week or so ?

I'm looking for more than a handshake agreement but rather something legal and enforceable. The last thing I need is to box myself out if things go sour.
Do your homework on any prospective tenant Income , bank statements ,prior tenancy. Put locks on doors that off limits and install ring cams in those rooms. Put a couple outside as well. You will be paying the utilities most likely so factor this into your expenses. Is she hot?
 

pokler

Power Bottom
#10
Do your homework on any prospective tenant Income , bank statements ,prior tenancy. Put locks on doors that off limits and install ring cams in those rooms. Put a couple outside as well. You will be paying the utilities most likely so factor this into your expenses. Is she hot?

Haven't met her yet but I hope she's not .
My wife will never let me go there alone !
 
#11
Haven't met her yet but I hope she's not .
My wife will never let me go there alone !
Before you do anything few factors to take in.
1) How long doyou plan on keeping the house .......cause right now if you rent it out and 6 months from now you decide to sell itwith this new temp laws are in effect you can not sell cause you can terminate lease (rental agreement going thru that now myself)
2) Like Slinky says you rent her a room with access to kitchen living room and bath (if room does not have an ensuite)
3) when you meet the woman let her know your plans in advance that you will be coming up at least once a month for a week or more to see if there are any issues.
 

pokler

Power Bottom
#12
Before you do anything few factors to take in.
1) How long doyou plan on keeping the house .......cause right now if you rent it out and 6 months from now you decide to sell itwith this new temp laws are in effect you can not sell cause you can terminate lease (rental agreement going thru that now myself)
2) Like Slinky says you rent her a room with access to kitchen living room and bath (if room does not have an ensuite)
3) when you meet the woman let her know your plans in advance that you will be coming up at least once a month for a week or more to see if there are any issues.

If I go Slinky's route and rent just a room with access to kitchen etc .. do I need a formal lease agreement singed by both parties that specify those terms ? Is this a normal type of lease ?
 
#13
I would recommend something in aformal agreement to protect both parties. I would speak the person and come up with something you can agree on. Such as what sheis entitled to usehow long she intends to occupyand in the event she breaks something that needs a proffesional to come and fix she is responsible for it. But if of course you are responsible for normal things that break such asplumbing fixtures heating and or a/c unless she use a personal window unit that is hers and of course anything else that would need repair as if you lived there.
 
#14
Do not allow any of your tenants mail to be delivered to the house. Have them get a PO box at a post office or UPS store. This way they can't establish residency in event they won't leave. If things sour, they won't be able to prove that is their permanent residence.
 

billyS

Reign of Terror
#15
Do not allow any of your tenants mail to be delivered to the house. Have them get a PO box at a post office or UPS store. This way they can't establish residency in event they won't leave. If things sour, they won't be able to prove that is their permanent residence.
How is he supposed to stop that?
I get your point, and it's a good one but if the person is a grifter they probably will not listen to him.
 
#16
Do not allow any of your tenants mail to be delivered to the house. Have them get a PO box at a post office or UPS store. This way they can't establish residency in event they won't leave. If things sour, they won't be able to prove that is their permanent residence.
And how would you prevent them from changing address of driver's licence ? Do you hang out at the mail box every day to make sure no mail addressed to them ends up there?

Or their address on their checking account (statements can be emailed but address will appear at the bank on on their checks. My tenants wanted to get a library card and a beach permit — do you just tell them too bad?

The only way I know of (and I had a house that I rented) to minimize the probability of trouble,is to properly vet the tenants thru references and credit check. Not foolproof but the best that can be done at a reasonable cost of time and $'s.
 
#17
And how would you prevent them from changing address of driver's licence ? Do you hang out at the mail box every day to make sure no mail addressed to them ends up there?

Or their address on their checking account (statements can be emailed but address will appear at the bank on on their checks. My tenants wanted to get a library card and a beach permit — do you just tell them too bad?

The only way I know of (and I had a house that I rented) to minimize the probability of trouble,is to properly vet the tenants thru references and credit check. Not foolproof but the best that can be done at a reasonable cost of time and $'s.
I don't care about their license, banking statements, or library cards. If I rent out a property you don't use the address. Period. I have had one too many issues with tenants years ago where they claim residency and then squatted for months. If they don't like, they are free to find another apartment. It's my caveat and it has worked for me.

The vetting process can only get you so far, people lie like it's their job. Once they're in, and they are the wrong type of cat, its hard to get them out.

I won't rent to anyone with a credit score under 700, or with less than 2 years of job history at same place of employment.

Quick story, so I rented out a place I have on North Shore of the Island back in Oct 2019. Nice girl, good job, single. She checked out via background check. by January 2020 she has a BF and he practically is there every night my tenants upstairs tell me. Fighting, loud music, he's outside smoking all the time. SO I say something and remind her that the apartment was rented for one, not her and her BF. She tells me too bad, we love each other and you have no right. I said I do have the right, its my house. Then she starts complaining about my other tenants (whom have been there for 3 years, zero problems). Complaining about the landscapers making too much noise, contractors, the dogs barking. Texting me all times of the night complaining that the people upstairs make too much noise when they walk. A fucking nitemare this one turned out to be.

By March 2020 she loses her job due to COVID, and tells me she will no longer be paying rent and her BF has to move in bc he lost his job and has no place to go. Total fuck job. March, April, May, June, July, August, September, October, November, NO RENT! But she collects unemployment. Not even an attempt to offer a few hundred here or there. What I am saying is had she established residency she may still be in there. Claiming she has no where to go, the eviction process is UGLY and not something enjoyable. Not too mention it takes a LONG time. She was vetted, but there is no test for crazy unless you go through their medical history.

To get them out I told them you owe me 10 months rent, and I will collect on it. If you exit by end of December all is forgiven, you owe me nothing. If you don't I won't stop until I collect every cent you owe me through any and all legal channels available to me.

She decides she is going to move upstate and in with her Mom.

Total fuck job! So I do what works for me. If that means guarding the mailbox, then I will do it. If that means they get a PO box, thats what they have to do.
 
#18
How is he supposed to stop that?
I get your point, and it's a good one but if the person is a grifter they probably will not listen to him.
You set boundaries and rules. This is the caveat in order for you to rent out this space. The decision is up to that person.
But before you move a single piece of furniture in you're going to show me proof of that PO Box address.
 

pokler

Power Bottom
#19
I don't care about their license, banking statements, or library cards. If I rent out a property you don't use the address. Period. I have had one too many issues with tenants years ago where they claim residency and then squatted for months. If they don't like, they are free to find another apartment. It's my caveat and it has worked for me.

The vetting process can only get you so far, people lie like it's their job. Once they're in, and they are the wrong type of cat, its hard to get them out.

I won't rent to anyone with a credit score under 700, or with less than 2 years of job history at same place of employment.

Quick story, so I rented out a place I have on North Shore of the Island back in Oct 2019. Nice girl, good job, single. She checked out via background check. by January 2020 she has a BF and he practically is there every night my tenants upstairs tell me. Fighting, loud music, he's outside smoking all the time. SO I say something and remind her that the apartment was rented for one, not her and her BF. She tells me too bad, we love each other and you have no right. I said I do have the right, its my house. Then she starts complaining about my other tenants (whom have been there for 3 years, zero problems). Complaining about the landscapers making too much noise, contractors, the dogs barking. Texting me all times of the night complaining that the people upstairs make too much noise when they walk. A fucking nitemare this one turned out to be.

By March 2020 she loses her job due to COVID, and tells me she will no longer be paying rent and her BF has to move in bc he lost his job and has no place to go. Total fuck job. March, April, May, June, July, August, September, October, November, NO RENT! But she collects unemployment. Not even an attempt to offer a few hundred here or there. What I am saying is had she established residency she may still be in there. Claiming she has no where to go, the eviction process is UGLY and not something enjoyable. Not too mention it takes a LONG time. She was vetted, but there is no test for crazy unless you go through their medical history.

To get them out I told them you owe me 10 months rent, and I will collect on it. If you exit by end of December all is forgiven, you owe me nothing. If you don't I won't stop until I collect every cent you owe me through any and all legal channels available to me.

She decides she is going to move upstate and in with her Mom.

Total fuck job! So I do what works for me. If that means guarding the mailbox, then I will do it. If that means they get a PO box, thats what they have to do.
Very Insightful and the exact reason why I'm skeptical to rent to that girl .
 
#20
You set boundaries and rules. This is the caveat in order for you to rent out this space. The decision is up to that person.
But before you move a single piece of furniture in you're going to show me proof of that PO Box address.
What prevents them from using the address after they have been there a few months? Do you check the mail box regulary? Just asking..... i have 6 six rental properties a few have multiplie units I calim all money collected and when I pay my taxes quaterly to town I show each tenants name and where they live and since I hold all deeds (I only pay tax on these properties since they are debt free) the town has these on file I am the one and only onwer.I have been renting homes for 15 years or so and never had an issue with someone claiming residency or the squatter rights which by the way is very hard to prove in this day and age ........
 
Top