Start a new topic

Any suggestions for renting to college son and friends?

Hi everyone.  For the first time I will be renting a house to my son and his college friends.  I am hoping for this to be a learning experience for my son, yet I don't want his studies to suffer because his friends look to him to be "in charge" and all that goes with that.  Anyone ever rent to a relation and their friends?  Any suggestions?

Have a lease and make all of them sign it.  Treat him and his friends as if they are regular tenants.  Enforce late fees and evicition procedures.  Be really clear upfront about what you expect from all of them, not just him.
I have a policy that I do not rent to relatives or friends. In my experience it has always caused problems. But with that said following the advice of Wesley would be a good idea. I would go one step further and make sure that all of your tenants are able to pass the criteria (i.e.:credit, rental history, etc.) that any non-related tenant must pass. I would sit down with each tenant and make sure that they understand the rules and the Lease. I would explain to them that NO preferential treatment will occur. Hold to your guns because as soon as you waiver you will find yourself not only supporting your son but his college friends as well. Good luck!
Login to post a comment