Rent to tenant's friends?
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Rent to tenant's friends? (by MAT [PA]) Oct 7, 2022 12:00 PM
       Rent to tenant's friends? (by WMH [NC]) Oct 7, 2022 12:03 PM
       Rent to tenant's friends? (by plenty [MO]) Oct 7, 2022 12:14 PM
       Rent to tenant's friends? (by Robert J [CA]) Oct 7, 2022 2:25 PM
       Rent to tenant's friends? (by WMH [NC]) Oct 7, 2022 3:19 PM
       Rent to tenant's friends? (by Dee Ann [WI]) Oct 7, 2022 3:37 PM
       Rent to tenant's friends? (by Allym [NJ]) Oct 7, 2022 5:58 PM
       Rent to tenant's friends? (by Dee Ann [WI]) Oct 7, 2022 7:32 PM
       Rent to tenant's friends? (by Vee [OH]) Oct 7, 2022 9:31 PM
       Rent to tenant's friends? (by Oregon Woodsmoke [ID]) Oct 8, 2022 10:28 AM
       Rent to tenant's friends? (by GKARL [PA]) Oct 8, 2022 7:57 PM
       Rent to tenant's friends? (by dino [CA]) Oct 8, 2022 9:17 PM

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Rent to tenant's friends? (by MAT [PA]) Posted on: Oct 7, 2022 12:00 PM
Message:

I have an up and down duplex with an impending vacancy on the bottom. Upstairs tenants reached out about their friends who might be interested in renting the downstairs. Of course I still plan to advertise and screen potential applicants as normal, but just wondering what pros and cons there are to renting both halves to people who know each other.

My initial thoughts are that I'm unlikely to get complaints about the neighbors (not that I get many anyway), and that I could potentially tap into an ongoing stream of viable renters (assuming they qualify). Downsides are that I don't expect to get any reports of bad behavior that I would otherwise want to know about, and that I feel it tilts the power dynamic just a little more in the tenants' favor when they have a bloc in the same building.

--192.175.xxx.xx




Rent to tenant's friends? (by WMH [NC]) Posted on: Oct 7, 2022 12:03 PM
Message:

It doesn't matter. If they don't know each other now, they will after living with each other for a while.

Just screen normally. --50.82.xxx.xxx




Rent to tenant's friends? (by plenty [MO]) Posted on: Oct 7, 2022 12:14 PM
Message:

Agree with WMH. Hopefully they know them in a good way! --172.56.xx.xxx




Rent to tenant's friends? (by Robert J [CA]) Posted on: Oct 7, 2022 2:25 PM
Message:

Many times the recommended friend works out. After running a complete background check and confirming employment/salary I end up with a good tenant (Renting usually for only 1 to 2-1/ years. Others I got from advertisements lasted longer. Don't ask me why? --47.156.xx.xx




Rent to tenant's friends? (by WMH [NC]) Posted on: Oct 7, 2022 3:19 PM
Message:

Thinking back, I've had one place - once - where a friend of a tenant qualified, signed a lease, moved in as next door neighbors...and then broke the lease to move out of the country. Old tenant is still there (10 years) but has never offered up another friend as an option when we have vacancies. --50.82.xxx.xxx




Rent to tenant's friends? (by Dee Ann [WI]) Posted on: Oct 7, 2022 3:37 PM
Message:

We've been very successful renting to friends of current residents. We always do a thorough screening. I find friends, especially couples prefer that. Many have asked me who is living in the other unit as they are concerned. With friends in the other unit, they usually know what they are getting for neighbors.

What has been interesting through the years is that many times I'd fill a building only to find out the tenants in each unit knew each other...truly coincidence. And neither knew they were moving into a building with others they knew.

One year all our tenants moved at once due to them all being in the same class in Medical School. Rather than meeting everyone separately, I elected to have them gather in a unit we were working on. We all sat in the kitchen and I went over the lease with all of them at once. Then had a question and answer session. Then all signed the lease and handed them in. When a few of them walked in, they were surprised to see they were going to be living with someone they worked with. 5 hours saved for me; it worked out for everyone involved. One building had residents that knew each other (from school) for 9 years each unit. No worries about who their neighbors are. --75.11.xx.xx




Rent to tenant's friends? (by Allym [NJ]) Posted on: Oct 7, 2022 5:58 PM
Message:

Mom and Dad always asked tenants for referrals and got all the scummiest people who were being kicked out of their rental, had no money, dirt poor and just awful. One couple suggested the husband's brother. He turned out to be a drunk, caused a fire in the shed, collected scrap and put it in the back yard, changed the heat from gas to wood. Inspectors made him put it back. I had to pay them to leave and that's just one. All the tenants knew some whiney creep that needed rescue. Nice people don't need recommendations from your tenants. Danger danger. --71.188.xx.xxx




Rent to tenant's friends? (by Dee Ann [WI]) Posted on: Oct 7, 2022 7:32 PM
Message:

It really comes down to screening...referrals are only as good as your screening. --75.11.xx.xx




Rent to tenant's friends? (by Vee [OH]) Posted on: Oct 7, 2022 9:31 PM
Message:

Screen, screen, screen - any rebate is paid after 6 months, some don't get very far. --76.190.xxx.xxx




Rent to tenant's friends? (by Oregon Woodsmoke [ID]) Posted on: Oct 8, 2022 10:28 AM
Message:

My experience has always been that friends and neighbors are all people who need help finding a place because no sane landlord will rent to them.

Whenever I have a vacancy, a neighbor or two will have a relative who needs a place. Often because they are trying to get the bum out of their own house.

I don't care how tight housing supply is, desirable tenants don't have any problem finding a place to live and they don't need their friends to try to find them a place to live. --76.178.xxx.xxx




Rent to tenant's friends? (by GKARL [PA]) Posted on: Oct 8, 2022 7:57 PM
Message:

Ditto what others have said. Good tenants have no shortage of choices as LLs are competing to get them. The problem is that good tenants are rare birds. --209.122.xx.xxx




Rent to tenant's friends? (by dino [CA]) Posted on: Oct 8, 2022 9:17 PM
Message:

I've had 2 experiences with recommendations from existing tenants.

One seemed excellent and turned out to be excellent.

The other seemed a little shaky but was recommended by my very best tenant so I took a chance. Result....EVICTION.

Bottom line is don't let recommendation influence you, use your usual screening and don't forget that gut feeling. It's usually right if you've had enough experience.

When you think about it, if one person asks a friend about advice in finding a place, that could mean they need help because another LL doesn't want them.

--104.175.xx.xx



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