Thoughts on buying a place and renting it to a family member? Too much potential drama? I'm not ready to settle down, but my sibling will be in the same town for the next four+ years...

smart
Posting as :
works at
You are currently posting as works at

My cousin was like a sister to me. I was in her wedding. Her husband made really good money is a diesel mechanic, neither of them drank or did drugs.

When I rented them for house I own, they completely destroyed it, filled it with a flea infestation, let water damage the floor in multiple places, smashed several windows, and left trash all over the house and property.$35,000 in damages.

but the worst part was that they went around and told everyone on my mom's side of the family that I was evicting them because I was an a****** and raising rent for no reason.
So now as results I no longer have any communication with my mother's half of the family.

Long story short, don't mix family and business.

like

Very small upside vs ruinous downside. Don’t do it

like

If you go ahead and do it against the advice here, hire a property manager and make it very clear with your tenant that all communication and rent goes through the manager and they'll be treated like any other tenant. Miss rent? Property manager doesn't get paid and will evict your ass.

like

Great advice pwc1 and OP you dont have to tell your sibling thAt this is your place.

Too risky.

This is nuts. Never rent to family. Great idea to get an investment prop. Just find renters. It’s not that tough

Related Posts

My former CW writes I should leave my current to come work w her again.

Post Photo
likefunnysmart

Being single in this quarantine is the worst thing ever. This could have been such a fantastic bonding time with our S/O (if only we had one 🤷‍♀️)

like

Hi fishes,
I have recently joined a product based startup and I'm unable to do tasks in the timely manner. I used to be productive before coming here and used to complete all the tasks before time. There is a lot of job insecurities coming in my mind, also there's a huge lifestyle change coming up in 4-5 months I'm getting married. Not sure how to deal with everything and expenses. What to do? All advices are welcome. Thanks

like

I wish people would think clearly and hard about having children beforehand. Working as a school counselor and a youth therapist, so much trauma starts early simply because parents don't know any better or do what they were taught. It's tough when it isn't abuse or neglect, but it's still having a negative impact on the child's life. Should I recommend family therapy? Is it overstepping to recommend the parent go to private therapy as well?

like

Have you ever tried again with someone after a breakup? It's hard to find anyone to even start new with anyone in 40s, not sure about trying to fix something

like

Hi fishes I heard that some of my friends are doing multiple full time jobs same time. Is that allowed? Will there be any impacts going forward? If yes what are they? Can you please explain

How do single folks (living with roommates) in San Francisco/NYC areas arrange for their parents’ stay with them, when they are visiting from home countries? Want to have my retired parents come and stay with me in 2022 for 2-3 months and looking for creative ideas to make their stay comfortable. Thank you :)

like

In the middle of a fight, my mom shared that her friend’s daughter is so loving and got her nice jewelry. I think my mom’s love language is receiving gifts.

like

How do you stop your SO from becoming a shopoholic?

like

For Indian parents whose kids are aging out how are ya all planning & what are the realistic options?

like

those u r staying in hometown with parents and single in there early 20s...

how you guys manged staying in home this long..around 2+ year..

sometimes I had some arguments with father and feelings like need to go office locations.. don't want to stay here..
like whenever something happens the next thought is next day go to pune...

like

I’ve been seeing on this app that COVID break ups are a thing... people going from planning a future together and / or a whole ass wedding to “bye!”. What surprising COVID break ups have you seen / heard about?

Post Photo
like

My family/friends ask me for store discounts all the time. It's really uncomfortable to say no, but I have to. Any tips on how to handle these conversations?

like

I'm a single woman in my late 30s watching a 30 Rock marathon and trying to figure out why I relate to Kenneth the most. 😖

like

Is a post-PhD gap year to travel and be reminded of what life is like a bad idea?

like

Heading down to the Springfield area to spend Thanksgiving with my in-laws and my mother-in-law wants to get up around 3:00 a.m. to line up for Black Friday Sales... honestly, I don't think I love anyone enough to get up that early and spend hours in the cold dealing with a crowd of people... Happy Thanksgiving everyone

like

My husband literally abandoned us about 4 years ago. I’ve waited and prayed for him to come back, but recently, I’ve been feeling like it’s time to move on. *Cont’d

like

Seattle ANTI-FREEZE get together
Thought I’d get the ball rolling based on the activity from the other thread.

9/24 Saturday 10AM - Get together for parents with babies/toddlers
Location : Maple Leaf Reservoir kids park

Please respond if interested in attending

We can def set up another meet up w/o kids too!

like

All my closefriends are straight and from my college days. All of them are now married and/or have kids. I really don’t know where I fit in anymore as a single gay man.

like

Only for men:

How do you deal with a best friend breakup?

I know friendship breakups between men are not talked about openly, but I had to.

Best friend was a Male too

like

More Posts

Which consulting firms are still hiring people on an H1B?

like

Did anyone else get a confirmation email from NYU today after submitting the app yesterday?

like

PM vs Account - at your agency what's the main difference? Which is the better role? (I've heard mixed things from diff agency people)

like

My company hosts "voluntary" company parties, which they insist upon yet end up being just pizza and doing emails. I want to get paid overtime for staying beyond the clock. Should I ask?

likesmartfunnyhelpful

Hey Guys,

How to raise VOC with client

TIA

What’s a hot qualification to get at the moment?

like

Hello folks,

I am looking for a job in Pune. I have experience of 7 years in analytics.

Skills are - PowerBI, SQL, Python and business acumen.

I would highly appreciate your referrals/ suggestions here.

I am in deep trouble folks, kindly help.

like

Turnips at 394. I didn’t buy any this week but can post a Dodo code if anyone wants to come over this afternoon!

like

How do internal strategy roles look for bschools? Prevailing wisdom seems to be tech or startup for best bschool odds but would love to hear from others on this

6 yrs of Healthcare consulting experience, looking to make a pivot into healthcare tech. Any suggestions or ideas would be greatly appreciated!

like

Is it worth going to Costa Rica in February?

Work from wherever is nice and all! For some stupid reason, if you're the only staff that bothered to drive to the office on a Saturday, managers notice and praise you like a hero! #busyseasonwin

like
funny

What’s preventing from Lewis using his old car? What parts of the new 2022 kit are mandatory? He does not jibe with that new car. Or is it Masi’s fault for unfairly traumatizing him last year?

like

How much is the expected salary of Senior Solutions Architect

Hi Folks,

Any Cognizant employee who is willing to be a part of python developement project in Cognizant.
--please comment--

#UrgentRequitement
#PythonDeveloper
#Cognizant

like

At what point would you suggest working with a financial manager to set up your investment goals & make sure you’re on the right track for early retirement? At a certain age? After you have a certain amount of $$?

(I already handle my own investments but I don’t know if it’s time to get professional eyes at my portfolio & discuss my goals)

like

I’m starting at MBB shortly as an associate, laterally from Big 4. Husband & I are trying to decide if we want to buy a house and settle in the city we’re moving to - I am potentially interested in making partner (if possible) but also open if a good exit opportunity comes my way. Exit opps would certainly be in a different location. Anyone have thoughts on ideal length to stay at MBB?

like
like

Additional Posts in The Real Estate Bowl

Trying to get a pulse on what rates people have gotten recently I.e. in the last 90 days for a 30 year fixed. Please indicate if you purchased pointed or not?

like

How do you get past the 10th mortgage? I’m trying to buy an 11th property and I’m maxed out. Has anyone been in this? How did you manage?

like

Got an offer from someone to do some work (drywall + painting) at my investment property for cash… Sounds nice. How do I protect myself from a lawsuit standpoint if they like get injured or something on site?

like

Looking for an attorney recommendation.

Situation: Seller didn’t disclose in disclosures that they finished basement without a permit. The city came back and confirmed that the work they performed requires a permit. Seller is unwilling to return back the earnest money.

Looking for an attorney to weigh in on the situation and comment on the chances of me getting my EM if I file a case against the seller.

like

Kind of a broad question but I'm open to all answers but anyone know the best hard money lenders for fix & flip with the lowest upfront cost/down payment? In Texas specifically.

like

Does anyone actually skip owners title insurance? Mine is $2700 on a $550k loan amount not sure if that is high or not but seems very expensive for a small likelihood..

like

Anybody ever lease a place and Airbnb it? Have bear some success stories, seems pretty low risk since you are only locked in for a year.

like

Have 4 rental properties with 1.3 mil in mortgage. I heard that mortgage interest deduction is capped at 750k. Is it true?

like

I am wanting to start investing in real estate in the new year… I’m using this month to read up on it and familiarize myself with it. I am a true beginner and wanted to ask for any tips, tricks, advice, books, videos, magazines, podcasts, etc to start? Please let me know!

like

Has anyone bought their first home in a city where they didn’t live in? I’m looking at some potential investment properties in MCOL areas but not sure how that would work considering I don’t live there. This would be my first real estate purchase too

Recommendations for a lender for a rehab loan? Buying a property that won’t pass for a normal loan

like

Are commercial properties getting inflated like residential? Thinking of getting into commercial to extra income.

Got two bids selected in Austin, scratching my head to pick a one. It will be my first home.

1. 453k, 2615 sqft, green belt backyard. Elementary & middle school walking distance, ISD is decent, property tax 2.29 hoa 27, not much developed but I see growth.
2. 515k, 2950 sqft, corner lot - little bigger than above, elementary school is by 1 mile - best ISD, property tax 2.59, hoa 147. Lot of commercial development in 3 miles in next 5 years.

Combined income 170k & 10% down payment.

like

I mentioned to a few people around town that I’d be willing to sell my condo portfolio. Didn’t think it would go anywhere. And now I have an offer for 3.9m can’t believe it. But also not sure if ..

like

Considering buying a triplex in the Bay Area. To be competitive I’d need to be able to close quickly. Any insight on bridge/private/hard money options? Just want to be sure I can refinance to a conventional loan after closing.

like

Hey Fish - looking for some input on the following: I bought a beach rental property early on in the pandemic for 365k. In the current market, I could sell for 585-600 based on my agent and recent comps in the area. I initially bought as a long term hold but am considering cashing out for a quick buck. Otherwise I’m set to gross about $60k and net 30 this year through short term rentals. Anything I should be thinking about other than taxes and commissions?

like

Construction costs / inflation / Costa Rica: I am considering buying land & building a short-term vacation rental villa in Costa Rica. Sole goal is to get a 10%+ ROI (going there for holidays as extra perk). All is looking good and I have good planning/advisors, but the only thing that freaks me out is the construction costs increase we are seeing (+15-30%). It kills me that timing is going against me. Would you pause such venture and wait to see how things evolve, or move on to not waste time?

like

Any good lender contact at first republic? (I am in the bar area, CA)

like