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Deeper Into Landlord Land

June 11th, 2007 at 10:35 pm

I hate the little bit of landlord-ing I have been doing and now I'm getting in deeper. Mom is quickly turning over all her rental business to me.

Todays lawn mowing event at the empty rental turned into a walk through with the potential renter. Mom sat outside & told me to just handle it. I'm no where close to handling it.

Need to talk with her in the AM & get her opinion on what the renter proposed. I believe the plan will be in everyones best interest. Not sure what mom will think. Renter is excited.

The plan includes free rent for 2 months, actually 2 1/2 months if he starts working on the place tomorrow like he wants. He supplies all the materials except for the vinyl for the kitchen, which I have. We hire the electrician & supply all the materials for that gentleman.

Mom wanted a year lease & an option to increase the rent at that time. The renter wants at least a 2 year lease & a cap on the increase.

Renter wants to add a couple other gentlemen next year, splitting the rent between the 3 of them. Mom won't like that....thinking her rent should go up with other people being added. I have no idea on this part....If I were renting, I'd be thinking of ways I could get the rent lower, so I'm tending to side with the renter.

Will sleep on all this, talk to mom in the AM and then set up a meeting to come up with a rental agreement.

I still don't like being a landlord.

3 Responses to “Deeper Into Landlord Land”

  1. Nic Says:

    When I rented out my house, my tenant signed a year lease.
    If my renter wanted to do anything, she had to get our approval first...paint,ceiling fan etc. We then deducted THAT amount only from her rent. Of course, she had the very best of credit and had been w/her company for 12 years. Check up on this person. It may or may not work out for you, but a check wouldn't hurt.

  2. Ima saver Says:

    I hated being a landlord, so i understand.

  3. fern Says:

    Sounds like your mom really can't do this anymore. Are you sure you have to? Have you thought about selling it?

    I thought the deal seemed mutually beneficial, altho i think the renter makes out a little better, and then i wasn't so sure about him adding 2 other men living there, too. It seems like you'd be giving a fair number of concessions (2.5 mths free rent, a 2-yr lease, a cap on increases) while the only extra thing he'd be doing is fixing up the place, which, granted, would be great, but he gets to enjoy those improvements, too.

    I think it reasonable for your mom to expect a little more in rent if 3 are living there, but then again, i am not familiar with the going practice.

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